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German parliamentarians appreciate African Development Bank’s commitment to development

German parliamentarians appreciate African Development Bank’s commitment to development

Berlin, 27 April 2017 – In a speech during a meeting with the Committee for Economic Cooperation and Development of the German Parliament in Berlin on Wednesday, the President of the African Development Bank Group (AfDB), Akinwumi Adesina, thanked the Committee for Germany’s generous contribution to the African Development Fund (ADF), the bank’s concessional resource arm.

Adesina briefly explained the Bank’s High 5 priorities, citing an independent analysis by the UN Development Programme, which showed that if Africa focuses on the High 5s, it will achieve about 90% of its Sustainable Development Goals and 90% of its Agenda 2063. The High 5s are the accelerators for Africa’s development: “They bring the future to the present and make life worth living now for hundreds of millions of Africans,” he said.

He described the bank’s New Deal on Energy for Africa, saying it has taken the lead in financing the “off-grid renewable energy revolution” on the continent, also investing heavily in its agriculture.

Adesina told the committee that the bank is taking deliberate action to promote investments that aim to level the playing field for women in Africa, citing the Affirmative Finance Action for Women in Africa (AFAWA).

Jobs for youth are also a priority for the continent, as well as accelerating financing for small and medium-size enterprises, integrating African stock exchanges and providing support to the private sector, he said.

Adesina expressed appreciation for Germany’s Marshall Plan with Africa and willingness to support the development and coordination of the proposed Compact with Africa at country level.

The Members of the German Parliamentary Committee endorsed the bank’s view that Africa must be committed to its own development noting that the bank’s priorities are fully aligned with those of Germany with regards to Africa’s development.

The committee advised Adesina to place good governance higher up in the bank’s list of priorities.
The members of the parliamentary committee are of the opinion that greater importance must be attached to the specific development impact of the bank’s projects, specifically to reduce poverty and inequality.

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