AFDB’s aid to Côte d’Ivoire soars from $460m in 2015 to $3.1b in 2023

The African Development Bank, AfDB, Group’s assistance to Côte d’Ivoire surged from $460 million in 2015 to $3.1 billion in 2023.

The President of the African Development Bank, AfDB, Dr. Akinwumi Adesina, stated in a statement on Friday that the bank’s support to its home country has increased by more than fivefold since 2015. Adesina made these remarks at a diplomatic luncheon he hosted for ambassadors in Abidjan.

 

He highlighted that last year, the Board of Directors approved 159 operations worth $10 billion for countries, marking the second-highest level of financing in the bank’s history. Adesina pointed out the visible result in Abidjan with the construction of the 4th bridge, which was financed by the AfDB.

Adesina emphasized the significant increase in support to Cote d’Ivoire, the host country, which rose from $460 million in 2015 to $3.1 billion in 2023. He also mentioned the impact of the bank’s High5s initiative, stating that over the past seven years, the bank’s operations have directly impacted the lives of 400 million people across Africa.

 

As per the  AfDB president, the bank, within that period, provided financing of over 44 billion in support of infrastructure on the continent.

Adesina said this made the bank the largest multilateral financier of infrastructure in Africa.

He said:“I was delighted to be in The Gambia last month to see the impressive and historic Senegambia bridge.

“The bridge now links Gambia and Senegal, rapidly cutting travel times and expanding trade and the movement of people.”

“The bank will be supporting with $500 million, the development of the Lobito Corridor that will link Angola, Zambia, and the Democratic Republic of Congo.

“This will be done in close partnership with the United States Development Finance Corporation and the Africa Finance Corporation.”

Adesina highlighted the AfDB’s partnership with Africa50 to support the construction of a road and rail project linking the Republic of Congo and the Democratic Republic of Congo. Additionally, he mentioned that two months ago, the bank provided $696 million in partial credit guarantee to unlock $3.9 billion for the construction of the Central Corridor standard gauge railway, connecting Tanzania, Burundi, and the Democratic Republic of Congo.

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He emphasized the importance of investing in critical infrastructure to promote regional integration, connectivity, and intra-regional trade, especially with the African Continental Free Trade Area.

 

Adesina also pointed out that the Russian war in Ukraine poses significant risks to food insecurity in Africa due to the continent’s high dependence on imports of wheat and maize from both countries.

Adesina mentioned that the AfDB swiftly responded to the food insecurity challenges by approving $1.5 billion for an Africa Emergency Food Production Facility. The goal is to support 20 million farmers in producing 38 million metric tonnes of food, valued at $12 billion. This initiative goes beyond emergency operations to ensure long-term food security.

He highlighted the collaboration between the AfDB, the Government of Senegal, and the African Union in organizing the Feed Africa Summit, held in Dakar in January 2023. The summit convened 34 African Heads of State and Government, the President of Ireland, ministers, and leaders worldwide. It outlined clear food and agriculture delivery compacts for African countries to achieve food security within five years.

Adesina noted that thanks to effective global partnerships used by the AfDB, the summit raised $72 billion to implement the outcomes. He expressed confidence that Africa can feed itself with the right strategies and support.

 

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