A New Era for the African Development Bank: Reflections and Future Directions
As the African Development Bank (AfDB) prepares to elect its next president, outgoing President Dr. Akinwumi Adesina reflects on his tenure and the bank’s achievements. During his eight years at the helm, the bank’s capital has more than tripled, growing from $93 billion to $318 billion. The AfDB has been ranked as the best multilateral financial institution in the world by Global Finance magazine and has made significant strides in promoting economic development and stimulating investment across the continent.
Adesina, known as "Africa’s optimist-in-chief," has been a vocal advocate for the continent’s prospects, engaging with world leaders and promoting Africa’s priorities on the global stage. He has championed the "High 5s" – a set of five key priorities that have guided the bank’s work: feeding Africa, lighting up and powering Africa, industrializing Africa, integrating Africa, and improving the quality of life of Africans.
Under Adesina’s leadership, the bank has made significant progress in these areas. For example, it has connected 28 million people to electricity, provided food security for 103 million people, and invested over $55 billion in infrastructure development. The bank has also launched initiatives such as the Africa Emergency Food Production Facility, which has produced 38 million metric tons of food worth over $14 billion.
As Adesina prepares to step down, he emphasizes the importance of partnerships and collaboration in driving Africa’s development. He points to the bank’s work with global financial institutions, such as the World Bank, and its efforts to mobilize private sector investment in Africa. Adesina also highlights the need to address the challenges facing Africa’s youth, who make up a significant proportion of the continent’s population. The bank has launched initiatives such as the Youth Entrepreneurship Investment Banks to provide access to capital and financing for young entrepreneurs.
Looking to the future, Adesina stresses the need for Africa to develop with pride, rather than relying on aid or dependency. He believes that the continent has the potential to unlock its assets and attract global capital, and that the AfDB has a critical role to play in this process. As he passes the baton to his successor, Adesina remains confident in Africa’s potential and committed to its development. "My time will end, but never my passion for Africa and confidence in Africa," he says.
The election of the next AfDB president marks a new era for the bank and the continent. As Africa continues to navigate the complexities of global development, the AfDB will play a critical role in promoting economic growth, reducing poverty, and improving the lives of Africans. With its strong track record and commitment to partnership and collaboration, the bank is well-positioned to drive Africa’s development and unlock its vast potential.