THE PRIVATE SECTOR IN AFRICA RISES IN SUPPORT OF THE AFRICAN DEVELOPMENT BANK AND ITS PRESIDENT, DR. AKINWUMI ADESINA
The African Private Sector expresses its contentment with the outcome of the investigation by the African Development Bank Ethics Committee concerning the allegations by some whistleblowers against the President of the Bank, Dr. Akinwumi Adesina.
The Ethics Committee of the Bank, which has the duty to look into such allegations concluded its investigation and cleared Dr Adesina from all allegations leveled against him.
The African Development Bank, which plays a major role in driving Africa’s development is known to have a reputable standard globally. So the presence of external influence and interference, mistrusting the credibility
of the bank’s governing principle might disrupt Africa’s continuous economic growth, infrastructure development and investment Under the leadership of Dr. Adesina, Africa Development Bank’s presence and work have been highly visible and impactful across the continent in the last five years.
His vision for Africa’s development through the Bank’s High 5 transformative agenda has positively impacted over 333 million people, envisaging well planned interventions ranging from access to electricity, improved food security, access to private sector finance, improved transport infrastructure and access to water and sanitation.
He has always stood in the fore front of supporting Africa’s private sector which is very important for economic and social development. In 2018, the bank launched the Africa Investment Forum (AIF) in Johannesburg, which drew investors from the private sector, sovereign wealth funds, pension, and government. The Forum attracted massive global investments into Africa with about $38.7 billion raised in investment after the forum.
Worthy of note is the bank’s 2019 innovative Desert to Power, which will develop 10,000 Megawatts of solar power across 11 countries in the Sahel Region and provide electricity for 250 million people. When completed, the $20 billion investment will be the world’s largest solar zone.
He led the Bank to launch $3 Billion “Fight COVID19” social bond to shield the economic and social impacts of COVID-19 on Africa and also $10 billion COVID-19 which is available in a stimulus facility.
Dr Adesina’s groundbreaking Affirmative Action for Women in Africa (AFAWA), Launched at the 2019 G7 Summit in Biarritz, France received strong support from President Macron and the G7 leaders pledge of $251 million and from African Presidents at the Global Gender Summit in Rwanda. AFAWA will leverage $3 billion in women business financing.
In his tenure, he accomplished a secured General Capital of $115 Billion, which is the largest in the history of African Development Bank.
We hereby declare our support for Dr. Adesina’s bid for another term as the President of the African Develop Bank in its quest to bring about a prosperous, sustainable and inclusive growth in Africa.
Dr. Bamanga Tukur, CON, COM
President Emeritus, African Business Roundtable
Global Chairman, NEPAD Business Group