Akinwumi Adesina, President of the African Development Bank Group (AfDB) has said that the African regional bank’s capital increased from $93 billion to $318 billion between 2010, when he assumed office as AfDB President, and 2025.
Reflecting on a decade of transformative impact as AfDB President in his final address to the African Union Summit, Adesina, Nigeria’s former Minister of Agriculture and Rural Development, highlighted the bank’s achievements in driving Africa’s economic growth and development.
He said he would be leaving behind a legacy of transformation, with the African Development Bank’s capital increasing from $93 billion in 2015 to $318 billion at present.
“It has been my greatest honour to serve you and Africa,” Adesina said, expressing his gratitude to African Heads of State, the African Union Commission, and other partners for their support over the years.
“Under my tenure, the African Development Bank has made significant strides in advancing Africa’s development agenda. Some notable achievements include:
“Food Security: The Bank has accelerated food production in Africa, with over 101 million people becoming food secure, and $72 billion mobilized to implement food and agriculture delivery compacts.”
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He added that “The Bank’s work has impacted over 515 million people, including 231 million women, with 127 million gaining access to better health services, 61 million to clean water, and 33 million to improved sanitation”.
Adesina further stated that the Affirmative Finance Action for Women (AFAWA) initiative has provided $2.5 billion for 24,000 women-owned businesses in Africa, – Youth Development and Infrastructure Development
“The Bank has invested heavily in infrastructure and has spent over $55 billion in infrastructure in the last ten years alone and we have become the largest multilateral financier of infrastructure in Africa”, he said
He added “We set up Africa50, which has raised more than $1 billion, to accelerate private sector investment in infrastructure and the Alliance for Green Infrastructure in Africa (AGIA) to mobilise $10 billion for green infrastructure.
“Your Excellencies, the Africa Investment Forum that we set up together with our partners has mobilised over $200 billion of investment interest to Africa.
“The African Financing Stability Mechanism, which we were asked to develop by the AU Assembly, is ready and the report is before you. Excellencies, this Mechanism will provide at least $20 billion in debt refinancing for African countries.”
Adesina also highlighted the bank’s efforts in promoting Africa’s health, with a $3 billion investment in quality health infrastructure, and another $3 billion to build Africa’s pharmaceutical capacity.
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