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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 : New Africa Business News, Staff Correspondent
    Comments: 8

    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

    Email: Info@newafricabusinessnews.com

    AFRICA’S MOST READ AND FASTEST GROWING GLOBAL NEWSPAPER – www.newafricabusinessnews.com

    About the Author
    New Africa Business News Staff Correspondent
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    8 Comments

    1. Andre June 29, 2021 at 1:35 am Reply

      Infrastructure to trade is the key. Thank you for the report. Andre in Cape town SOUTH AFRICA

      • New Africa Business News, Staff Correspondent June 29, 2021 at 1:52 am Reply

        Thanks for reading, Africa’s fastest growing online newspaper. Please forward http://www.newafricabusinessnews.com

    2. Charles June 29, 2021 at 1:42 am Reply

      Africa development bank and it’s leadership are doing a great job to tackle infrastructure problems in our great Continent. Windhoek in Namibia. Charles

      • New Africa Business News, Staff Correspondent June 29, 2021 at 1:52 am Reply

        Thanks for reading, Africa’s fastest growing online newspaper. Please forward http://www.newafricabusinessnews.com

    3. Seth June 29, 2021 at 1:46 am Reply

      Adesina is doing a beautiful job at the bank. Seth in Gaborone BOTSWANA

      • New Africa Business News, Staff Correspondent June 29, 2021 at 1:51 am Reply

        Thanks for reading, Africa’s fastest growing online newspaper. Please forward http://www.newafricabusinessnews.com

    4. Ava June 29, 2021 at 1:50 am Reply

      love the newsletters and thank you. Ava in Nairobi Kenya

      • New Africa Business News, Staff Correspondent June 29, 2021 at 1:51 am Reply

        Thanks for reading, Africa’s fastest growing online newspaper. Please forward http://www.newafricabusinessnews.com

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