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$2 Billion to be expended by the African Development Bank (AfDB) on the African Continental Free Trade Area (AfCFTA)
Posted On 29 Jun 2021
By Abdul Rahman Bangura–
Akinwumi Adesina Center
Photo Credit: African Development Bank
NEW AFRICA BUSINESS NEWS (NABN) Freetown, Sierra Leone- The Bank’s President, Dr. Adesina clarified that the AfDB was steering its mechanization policy to finance quality chains across Africa. The AfDB schedules to expend an extra two billion dollars on infrastructure targeted at improving the African
Continental Free Trade Area (AfCFTA).
Dr. Adesina asserted, the infrastructure development proposal would be implemented over the next two years, expanding that the AfCFTA ambition has a huge ability to improve economies across Africa.
“For the potential to be realized fully, it is very important for the privatization of AfDB in supporting the AfCFTA to do that,” he noted.
“You cannot trade if there is no infrastructure to trade; roads, rails, ports, highways. Those are the things the AfDB has been doing. We did not wait for the AfCFTA.
“The work of the bank is at the core of driving regional integration for Africa. In the next two years, we expect to spend an additional two billion dollars on AfCFTA related infrastructure to further deepen regional integration.”
Explained further that the AfDB was driving its industrialization strategy to support value chains and help Africa build its manufacturing capacity.
Dr. Adesina, who fulfilled as Nigeria’s Minister of Agriculture between 2011 and 2015, strengthened that the AfDB is subsidizing in the pharmaceutical industry and the work on textile and garments funded by its private sector group.
“We are supporting the development of the special agro industrial processing zones that will allow African countries industrialize their agriculture and add value to every product they produce,” he stated.
“Regional value chains that are well supported with infrastructure and will allow Africa unlock its capacity in all of those areas.”
AfCFTA is a marketing treaty intended for at establishing a single market for the tendency of capital, goods, people and enterprises in statute to heighten economic integration across Africa.
For New Africa Business News (NABN) Abdul Rahman Bangura Reports, Africa Correspondent
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