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The Next 50 Years: The Africa we want but the challenge we face
By admin June 3, 2014

Highlights of the 2014 Annual Meetings

The African Development Bank Group (AfDB) concluded its annual meeting last week in Kigali, Rwanda.  The event took place from 19 to 23 May and was attended by Heads of State, Finance Ministers, Central Bank Governors and attracted more then 2,500 delegates.

The event paid respects to Africa’s achievements but the theme of the event was “The Next 50 Years: The Africa we want”.  Emmanuel Nnadozie, Executive Secretary of the African Capacity Building Foundation (ACBF), said that “Africa now needs to move to the next important phase: industrialization. This will require substantial capacity-building efforts…we must strengthen the capacities of our own human and institutional resources.”

To achieve these goals Africa will need to overcome its significant infrastructure deficit.  Fewer than 20% of African roads are paved, only 43% of Africans have access to electricity and only 28% of Sub-Saharan Africans have access to improved sanitation facilities.  With the AfDB representing the largest external financier for infrastructure in Africa, it has focused on continuing to expand foreign investment while increasing the use of domestic savings.  “Africa50”, a program to mobilize African savings to finance infrastructure programs, has been approved by the AfDB Governors for feasibility studies.  Foreign Direct Investment (FDI) has been on the rise and is expected to reach a record level of US$85.3 billion in 2014.

Nnadozie would like Africa to “not seek to achieve added-value industrialization through skills and institutions from outside Africa” but even with the AfDB’s impressive efforts, the World Bank estimates that the annual cost of Africa’s infrastructure needs is US$93 billion annually with countries facing a funding gap of US$31 billion.  Whether Nnadozie likes it or not private sector cooperation and investment will need to play a vital role in Africa’s future growth.

For more information:

“AfDB Group Financial Presentation .” AfDB.org. African Development Bank Group, 20 May 2014. Web. 28 May 2014. <http://www.afdb.org/fileadmin/uploads/afdb/Documents/Financial-Information/AfDB_Group_Financial_Presentation_-_May_2014.pdf>.

Blas, Javiar. “Foreign investment in Africa set to reach record – FT.com.” Financial Times. N.p., 19 May 2014. Web. 28 May 2014. <http://www.ft.com/intl/cms/s/0/bb92ba22-df2e-11e3-86a4-00144feabdc0.html?siteedition=intl#axzz3318BqZuo>.

Kotch, Nicholas. “Conflict the currency as African Development Bank meets.” Business Day Live. N.p., 26 May 2014. Web. 28 May 2014. <http://www.bdlive.co.za/africa/africanbusiness/2014/05/26/conflict-the-currency-as-african-development-bank-meets>.

“Museveni in Kigali for the annual AfDB meet.” Museveni in Kigali for the annual AfDB meet. New Vision, 22 May 2014. Web. 28 May 2014. <http://www.newvision.co.ug/news/655868-museveni-in-kigali-for-the-annual-afdb-meet.html>.

Smith, David. “China agrees to co-finance $2bn fund with African Development Bank.” theguardian.com. Guardian News and Media, 27 May 2014. Web. 28 May 2014. <http://www.theguardian.com/global-development/2014/may/27/china-fund-african-development-bank>.

“The Africa Infrastructure Investment Report 2013.” Commonwealth Business Communication. N.p., n.d. Web. 28 May 2014. <http://www.cbcglobal.org/images/uploads/docs/The_CBC_Africa_Infrastructure_Investment_Report_2013.pdf>.


Thanks for sharing !


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