The naira will continue to fall in the foreign exchange market—Gwadabe
By Adedapo Adesanya
The African Development Bank (AfDB) has announced plans to disburse an additional $500 million to further develop women’s businesses.
This was revealed by the President of the AfDB, Mr. Akinwumi Adesina, during the ongoing Finance in Common summit in Abidjan, Côte d’Ivoire.
The third edition of the summit is co-hosted by the bank and the European Investment Bank and focuses on Green and just transition for a sustainable recovery.
He said, “We need to revitalize hope for women. This is why the African Development Bank, with the strong support of the French government, the UK, the Netherlands and the Nordic countries, has launched the Affirmative Finance Action for Women.
“I’m thrilled that last year we disbursed $534 million for women’s enterprises, and this year we plan to disburse another $500 million for women. Women lead Africa, so when women win, Africa wins.
Mr. Adesina further said that the bank plans to invest $10.5 billion in agriculture over the next five years.
“We look forward to working together to help unlock Africa’s potential to feed itself and also help feed the world,” he said.
The AfDB President also said that the bank is driving the transformation of agriculture in Africa by supporting the establishment of special agro-industrial transformation zones with $779 million, which has already started in 12 countries.
“I would particularly like to thank our partners, the International Fund for Agricultural Development, the Japan International Cooperation Agency and the Islamic Development Bank, who provided $669 million in co-financing for the establishment of special agro-industrial processing zones in Africa. .”
Additionally, he spoke about what the bank was doing to revitalize hope among young people.
“This is why the African Development Bank is working with the French Development Agency to develop investment banks for youth entrepreneurship.
“With other partners, including African governments, African central banks, African financial institutions, the European Investment Bank, the European Union Commission and the Mastercard Foundation.
“Youth entrepreneurship investment banks will be new financial institutions that will provide new financial ecosystems around youth enterprises across Africa.”
However, he said summit participants must continue to work together to mobilize investment to address development challenges and mobilize more financing globally and leverage private capital.
“We have to work smarter. We have to take advantage. We need to tilt private funding to complement all of our efforts.
“We need to reform and improve the effectiveness of the global financial architecture to meet the growing development challenges around the world by financing to achieve the Sustainable Development Goals.”
The AfDB President also spoke on the Africa Investment Forum to be held in Abidjan, Côte d’Ivoire, in November.
“That’s what we do on the Africa Investment Forum, which has become Africa’s premier investment platform for attracting private investment to Africa.
“Launched in 2018, the Africa Investment Forum has, over three years, helped mobilize $110 billion in investment interest commitments in Africa.
“In March this year, the Africa Investment Forum secured commitment of interest from investors for $16 billion to finance the Lagos-Abidjan highway, which will transform economies and trade in West Africa.
“It’s the power of working together.”