In 2022, investments by the African Development Bank (AfDB) jumped by 37% over the levels recorded in 2021 to reach 8.2 billion dollars, according to the Bank’s Annual Review of Development Effectiveness (ARDE) for the year 2023.
The data, presented on Friday at a conference held in Sharm El-Sheikh (Egypt) on the sidelines of the 58th Annual Meeting of the Board of Governors of the AfDB Group, showed that 60% of the Bank’s financing went to investment loans, compared with 50% in 2021.
“The increase in investments reflects the gradual recovery to pre-COVID-19 levels,” the AfDB noted.
Investments in 2022 continued to be aligned with the Bank’s High 5 strategic priorities, namely feeding, lighting and powering Africa, industrialising and integrating the continent, and improving people’s quality of life.
The ARDE 2023 shows that 26% of all investments mobilised are aimed at industrialising Africa and 9% at lighting Africa and supplying it with energy.
The AfDB has devoted 25% of total investments to improving the quality of life of African populations and 22% to feeding Africa, especially as the number of people suffering from hunger and malnutrition has increased from 240 million in 2015 to 256 million in 2022.
AfDB President, Akinwumi Adesina, said that the Bank had provided 1.3 million people with access to electricity and improved transport connectivity by building or rehabilitating 833 kilometres of roads.
He went on to say that 12.3 million people have gained access to new or improved water and sanitation services, and more than 4 million people have benefited from AfDB operations in the private sector.
Published annually since 2011, the Development Effectiveness Annual Review assesses the Bank’s support for sustainable development in African countries. In particular, it verifies contributions to the Bank’s “High 5” strategic priority areas, which are driving Africa’s transformation.
The 58th Annual Meetings of the African Development Bank (AfDB) on the theme “Mobilising Private Sector Financing for Climate and Green Growth in Africa” is held from May 22 to 26, 2023, in Sharm El-Sheikh, Egypt.
Some 4,000 participants, representing 81 countries, including a number of African heads of state (from Egypt, the Comoros Islands and Zimbabwe), as well as representatives of the Bank’s member governments.
Source: Agence Tunis Afrique Presse