The President, African Development Bank (AfDB), Akinwumi Adesina, has revealed the progress report on his stewardship after 19 month in office at the just concluded World Bank-IMF spring meetings.

Adesina, in his speech at the Centre for Global Development in Washington, DC, recently,  said the vision he outlined in his inaugural speech, the five development priorities known as the High 5s, were being rolled out across the continent. 

“Our vision for Africa at the bank is encapsulated in the High 5s: Light up and power Africa; Feed Africa; Industrialise Africa; Integrate Africa; and Improve the quality of life for the people of Africa,” Adesina said, enumerating the initiatives the bank is undertaking.

“We launched the New Deal on Energy for Africa, with a commitment of $12 billion from the bank over the next five years, with the goal of leveraging $45-50 billion. Our goal is to connect 130 million people to the grid, 75 million via off grids and provide some 150 million with clean cooking energy. 

“We’ve set up a whole new vice presidency just for power and energy: the first and only Multilateral Development Bank to do so. Last year, we financed $1.7 billion in the power sector across 19 countries, and will increase this to $2 billion this year, leveraging $5-7 billion. 

“Just as electricity powers an economy, so does food provide energy for people. Africa’s annual food import bill of $35 billion, estimated to rise to $110 billion by 2025, weakens African economies, decimates its agriculture and exports jobs from the continent,” Adesina said, noting that $35 billion is just about what the continent needs to close its power deficit. 

POSTED BY:OPUOMONI PRIYE

DATE:04/28/2017