The African Development Bank (AfDB) says Africa need about one hundred and seventy billion dollars annually to meet its infrastructure requirement. Prof. Vincent Nmehielle, Secretary General of the bank disclosed this at a media briefing in Abidjan. “ In 2016, the bank approved 7.8 billion dollars to finance investment in African continent and in 2017; it was about 6.7 billion dollars that was approved.
“ If you look at the African economic outlook that was released in January, it is very clear that for Africa infrastructure to be fully met, it will require about 170 billion dollars yearly. This will help it to close the infrastructure gap,’’ he said He said that the bank only approved seven billion dollars for all aspects of its high five priority projects adding that there was the need to diversify the sources of African development through promoting the private sector.
He noted that improving the private sector operation was the only way for African to meet its development potentials. “That is the reason why going forward the bank has just instituted the African Investment Forum. The Forum is a platform where the bank is trying to bring lots of investors to look at projects to finance across the African region, particularly private sector projects. We also have some government arrangement that will do PPP arrangement to leverage on the resources that the bank has for the continent,’’ he said
He said that the Forum would be launched in South Africa on the 7th to 9th of November which would attract a number of international financing organizations. On the funding of the High five priority projects of the bank, he said that the bank had earmarked 9.99 billion dollars for the implementation of the projects. The high five projects include, Light up Africa , Feed Africa, Industrialise Africa, Integrate Africa and Improve the quality of life of the people of Africa.
Commenting on the annual meeting, he said that the meeting would focus on review of the Bank accounts by the Board of Directors adding that some resolution would equally be passed at the meeting. “There will decisions on the direction of the bank and concrete decision would made on strategic projects of the bank,’’ he said
——trains 733 Nigerian farmers on agro technology application
Meanwhile the Bank said it trained about 733 people in Nigeria on increased use of technology in agriculture in the country. This fact is contained in its 2017 Annual Development Effectiveness Review released in Abuja. The AfDB said that the training was part of the Feed Africa project (2016 to 2025) under the high five priority projects of the bank.
According to the review, the bank interventions in agriculture over the last year has benefited 5.6 million people. “Our feed Africa Strategy (2016 to 2025) is designed to eliminate extreme poverty, end hunger and malnutrition; make Africa a net food exporter. Also, it will move Africa to the top of certain agriculture based, export-oriented global value chains in areas in which it enjoys a comparative advantage.
It added that the bank met its target in assisting 597,900 people to increase their use of technology. “In Nigeria, we trained 733 people and provided irrigation pumps and agro processing equipment. We built or rehabilitated 520km of feeder roads , provided farmers with access to 2300 tones of inputs and delivered increased access to finance,’’the bank said
The Report further said that the bank supported improved water management practices on 37,600 hectares. “In Gambia, we improved land and water management practices for over 68,400 people significantly reducing soil erosion, controlling salinity and increasing rice yields above our target,’’ the AfDB said The bank added there was increase in yields of a wide range of crops through the assistance to agricultural research networks, training around 17,000 research and extension staff. This, the bank said benefited an estimated 698,000 farmers.
