Investments by the African Development Bank are paving the way to unlock Africa\u2019s economic potential, according to the 2020 Annual Development Effectiveness Review.<\/p>\n
The investments include pumping funds into agro-processing initiatives to energy, transportation and water and sanitation services, transformative<\/p>\n
The report, which analysed the Bank\u2019s contribution to Africa\u2019s development in 2019 is themed Building resilient African economies.<\/p>\n
\u201cOur goal has been and always will be to transform Africa through investments that make a difference to those who need it most. We are a bank that invests in people,\u201d said Bank President Akinwumi Adesina. \u201cPeople are our core business. Their quality of life is our greatest return!\u201d<\/p>\n
The annual report uses the Bank\u2019s results measurement framework to measure its performance, to reflect on its accomplishments and areas in which it can strengthen its effectiveness to achieve its High 5 development goals: Light Up and Power Africa, Feed Africa, Industrialize Africa, Integrate Africa, and Improve the Quality of Life for the People of Africa.<\/p>\n
\u201cWe have increased the quality and speed of our operations, we are more present in partner countries, and our development impact is deepening,\u201d said Ms. Swazi Tshabalala, Acting Senior Vice-President and Chief Finance Officer.<\/p>\n
A year of transformative impact<\/strong><\/p>\n Among its findings in 2019, 20.3 million people benefited from improved agriculture in Africa through operations supported by the Bank. In Uganda, for instance, the Bank\u2019s support for the Community Agricultural Infrastructure Improvement Programme is boosting farmers\u2019 income through agro-processing initiatives, and better access to markets, benefiting 2.4 million rural households.<\/p>\n In other High 5 areas, the Bank\u2019s operations helped to install 291 MW of new power capacity\u201460% of which was renewable\u2014and supplied 468 000 people with new electricity connections.<\/p>\n It also impacted 1 million people through private sector investee companies, 17.7 million people through better transport services, and 10.1 million people through improved access to water and sanitation.<\/p>\n The Bank has always been a strong champion of regional integration in Africa through supports focused on catalyzing public and private investment in road, transport, and electricity connectivity.<\/p>\n For instance, in 2019, the Bank helped build or rehabilitate transport links between Burundi, Rwanda, and the East Africa Community; between Ethiopia and Kenya; and between Kenya and Tanzania.<\/p>\n \u201cWe must continue to build on our strength as a development agency and enhance the quality and impact of our operations so that Africa can achieve the sustainable development goals by 2030,\u201d said Simon Mizrahi, Director for Delivery, Performance Management and Results at the Bank.<\/p>\n The Bank has worked intensively through its presence in 41 countries to get its operations closer to its clients, respond more effectively to the needs of countries, and better manage its operations.<\/p>\n The Covid-19 global pandemic\u2019s growing foothold across Africa is shifting governments\u2019 priorities. These projects and the Bank\u2019s new Covid-19 Rapid Response Facility will support African countries and businesses through the crisis.<\/p>\n <\/p>\n <\/p>\n","protected":false},"excerpt":{"rendered":" Investments by the African Development Bank are paving the way to unlock Africa\u2019s economic potential, according to the 2020 Annual Development Effectiveness Review.<\/p>\n","protected":false},"author":4,"featured_media":319771,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[24,33],"tags":[58],"class_list":["post-319770","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-development-partners","category-main","tag-african-development-bank"],"yoast_head":"\n