African Development Bank turns 60: A legacy of hope and progress

Source: Supplied. Cote d’Ivoire President Alassane Ouattara gives rousing remarks during the African Development Bank's 60th anniversary celebrations.

“This is an historic milestone and a cause for celebration, but it is also an opportunity to see that the African Development Bank has financed some pivotal infrastructure and helped improve the living conditions of millions of Africans. The bank is a source of pride and hope for Africa,” President Ouattara said.

He spoke on the second and official day of the bank’s diamond jubilee festivities which took place in the country’s economic capital Abidjan, which is home to the institution’s headquarters.

However, President Ouattara added that there was still work to do: “Our bank is a steadfast support in times of crisis. Africa still has floods and wars and hunger is rife. Therefore the bank must do even more and encourage states to invest more across climate, agriculture, and wars, and endeavour to pursue peace and democracy to bring these wars to an end."

Adesina praises Ouattara

The head of the African Development Bank group, Akinwumi Adesina described the bank’s 60th anniversary celebrations in Abidjan as a “day of joy”, as he praised host country President Ouattara as “a pillar of extraordinary support”.

Adesina paid tribute to the bank’s achievements since its inception in Abidjan in 1964. He celebrated how the bank has supported over 6,575 projects across the continent and how in the past 10 years alone it has invested $77bn across 3,000 projects to become Africa’s most trusted development partner.

Adesina thanked President Ouattara for hosting the bank’s headquarters in Abidjan and for his strong support. He described how in 2019 President Ouattara helped the bank secure a general capital increase of $115bn - the largest increase in the bank’s history. The bank’s total capital rose to $318bn earlier this May, in another show of shareholder support.

“This provides the firepower to do more for Africa,” said Adesina: “We are today a bigger, bolder and better bank better positioned to meet Africa’s future needs and challenges, to fast-track Africa’s development.

“Following my election as president in 2015, during my first term, I made a case for a stronger bank with financial resources to help implement and scale up our High 5s: To light up and power Africa; to feed Africa; to industrialise Africa; to integrate Africa; to improve the quality of life of the people of Africa,” Adesina said.

“In the past nine years, we have provided over $55bn in support of infrastructure, from energy to roads, corridors, seaports, airports, rail, digital infrastructure, water and sanitation. Today, the bank is the largest multilateral financier of infrastructure in Africa.”

Powering Africa’s future

Adesina added that in the last eight years the bank’s work has impacted the lives of over 400 million people across Africa. He described how 52 percent of Africans now have access to electricity compared to 25% in 2016 and how the $20bn desert-to-power project in the Sahel will help deliver 10,000 megawatts of electricity for 250 million people across the 11 countries.

He also celebrated the bank’s mobilisation of $72bn to help unlock Africa’s agricultural potential at the Feed Africa Summit in Dakar, Senegal, and its work to support Africa’s efforts to cope with climate change, mobilising $25bn through its Africa Adaptation Acceleration Programme and $14bn through its Climate Action window.

Adesina concluded with a rallying call: “This celebration is a call to action to build the Africa we want to see. May the African Development Bank keep scoring development goals for Africa”.