By Dipo Olowookere
The African Development Bank (AfDB) says it is scaling up its efforts to accelerate the pace of industrialization, supported by its presence in 38 countries and by timely and quality operations.
The lender also said it was delivering on its goals and making good progress towards achieving its development and operational targets.
These were made known by the 2018 Annual Development Effectiveness Review (ADER), which was released at the Bank’s Annual Meetings in Busan, Republic of Korea.
Every year, ADER scrutinizes the Bank’s operational effectiveness and its organizational efficiency, using the Bank’s results measurement framework for 2016-2025. It brings together evidence of strengths and weaknesses to provide management with a clear understanding of what has worked well and what the Bank must do better to achieve its High 5 development goals.
“The report shows that the African Development Bank is delivering on its commitment to help Africa achieve the Bank’s High 5 priorities,” said Charles Boamah, Senior Vice-President. “The Bank continues to strengthen its effectiveness as an organization, while scaling up its operations.”
This year’s ADER has a special focus on industrializing Africa. “There are good reasons to be optimistic that industrialization is achievable in the coming years. Africa is open for business, with stable economies and supportive business environments,” said Bank President, Akinwumi Adesina. “It has a young and growing workforce that is increasingly global in outlook. Urbanization and the rise of the African middle class are opening up new consumer markets, which act as a magnet for investors.”
In 2017, companies had improved access to transport, energy, and skills, which expanded their ability to do business across the continent. The Bank contributed to these improvement: it provided 14 million people with access to transport – well above its target – while building or rehabilitating 2,500 km of roads in 2017 and also helped 210,000 small and micro businesses access finance, which benefitted 2.6 million people.
“This level of performance is promising, but we must continue driving operational delivery and impact,” said Simon Mizrahi, Bank Director for Delivery, Performance Management and Results.
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