President African Development Bank, Dr. Akinwumi Adesina, has said that special attention will be given to regional industrial value chains and financial markets, to expand intra-regional trade and competitiveness, as well as boost the Africa Continental Free Trade Area.
Adesina made this declaration on Tuesday in the inaugural speech during his swearing-in for second term, which was broadcast virtually.
He said, “We must help Africa build back boldly, but smartly, paying greater attention to quality growth: especially in the areas of health, climate and the environment. As we look to the future, working with the Board of Directors, the bank will pay increased attention to supporting Africa with quality health infrastructure.”
He added that COVID-19 opened up new opportunities and a greater sense of urgency to build Africa’s manufacturing capacity, industrial development and critically needed industrial value chains that must be supported by enabling infrastructure and policies.
“Over the past five years, since you first elected me as president, we have collectively charted a new way forward for Africa; one that has given stronger hope for the continent’s development.” he said.
He, however, assured stakeholders that the bank would play a greater role in policy dialogues with countries. “We will support sustainable debt management, boost green growth and accelerate the promotion of jobs for youths on the continent.”
The event was attended physically and virtually by heads of state, governors, Nigeria’s former Vice President Atiku Abubakar and over 200 external stakeholders.
Chairperson of the AfDB Board of Governors and Ghana’s Finance Minister, Kenneth Ofori-Attah, administered the oath of office.
Adesina, Nigeria’s former Minister of Agriculture and Rural Development, was re-elected electronically on August 27 during AfDBs’ annual meeting to serve a another five-year term, after a unanimous vote of all governors, regional and non-regional members of the bank.
According to him, pulling together has always been the strength of AfDB.
“Today, a rainbow stretches from the 81-member countries of AfDB across the deep blue skies of Africa…The future beckons us for a more developed Africa and a much stronger and resilient AfDB.”
Ofori-Atta, who administered the oath, explained that he had no doubt that Africa’s premier development bank had secured the right leadership.
“We need to continue to steer the bank’s efforts to setting global standards of excellence, integrity, commitment to service and responsiveness to the challenges of the continent. Going forward in his new term, he would focus on building on the collective achievements and a stronger and more resilient African bank group. Our focus will be on institutions, people, delivery and sustainability. Together we win for Africa,” he said.
