President of the African Development Bank, Akinwumi Adesina, says the AfDB is working hard with governments to improve transparency, governance, accountability and project delivery across the African continent.
Speaking at the World Peace Summit of Global Leaders at the weekend, Adesina said corruption does not invest in the future, it kills the future.
The African Development Bank’s 2019 African Economic Outlook notes that Africa’s impressive economic growth is expected to be maintained at 4% in 2019, and 4.1% in 2020, with 40% of African countries projected to see even higher growth rates.
Pitching Africa investment opportunities to government and business leaders during his visit to Seoul, Adesina said, “There is no better time to invest in Africa than now.”
The Africa Continental Free Trade Area is projected to make Africa the largest free trade zone in the world, with an estimated combined GDP of over $3.3 trillion.
With an eye on a “future that is just around the corner,” Adesina says the Bank is working to set up a joint Korea-Africa Tech Corps program designed to bring young and talented tech entrepreneurs in Korea and Africa into wealth creating partnerships, and position Africa to be part of the mainstream of the 4th Industrial Revolution.”
At the Peace Summit for Global Leaders, the President of the African Development Bank highlighted key achievements in 2018, including, 5 million people with new or improved electricity connections; 19 million people who have benefitted from improved agricultural technologies; 1.1 million people who have benefitted from private sector investment projects; 14 million people who received access to better transport services and 8 million with improved access to water and sanitation.
Adesina said the Bank could do more with the support of its 80-member countries who are currently discussing options for the institution’s general capital increase.
“With a General Capital Increase scenario, if approved by the Bank’s shareholders, we would provide an additional 105 million people with access to electricity, 137 million people with access to improvements in agriculture, 22 million people who would benefit from private sector investment projects,151 million people with improved access to transport, and 110 million people with improved water and sanitation.”
Adesina urged the Bank’s shareholders to make generous contributions in order to maintain momentum, create jobs for millions of African youth, position Africa in global value chains, and accelerate the African Union’s push towards Agenda 2063, “The Africa we want.”