The African Development Bank (AfDB) Group says it has obtained approval from its Board of Governors to develop a Security Index Investment Bond to address insecurity in Africa.<\/p>\n\n\n\n
Dr Akinwumi Adesina, the President of the AfDB Group, said this at a news conference to wrap up the 2022 Annual Meetings of the Bank in Accra, Ghana.<\/p>\n\n\n\n
Adesina said security was an issue in the continent, noting that development thrived in a secured continent.<\/p>\n\n\n\n
He said that the meetings discussed the support for the private sector which he said the Bank was actively involved in with the private sector equity investments.<\/p>\n\n\n\n
\u201dDevelopment can only happen when we have security.<\/p>\n\n\n\n
\u201dSecurity is now part of our thinking in the AfDB because we will support the countries to address security.<\/p>\n\n\n\n
\u201dThere must be a link between security, investment, growth and development,\u201d he said.<\/p>\n\n\n\n
He said the Bank\u2019s meetings also focused on the debt management for Africa.<\/p>\n\n\n\n
\u201cWe must have sustainable, transparent debt in Africa by ensuring that the private and commercial debt of Africa is fair.<\/p>\n\n\n\n
\u201dAfDB should do more on agriculture.<\/p>\n\n\n\n
\u201dIn the meetings, we talked of the African Development Fund (ADF).<\/p>\n\n\n\n
\u201dAs you know, the ADF is 50, nine out of 10 most vulnerable countries of climate change are in Africa, 100 per cent of them are ADF countries.<\/p>\n\n\n\n
\u201dThere was a very strong support for the ADF to use the equities that it has accumulated to be able to go to the global capital markets to generate money.<\/p>\n\n\n\n
\u201dWe believe that if it goes to the market, we can raise 33 billion dollars for the countries,\u201d Adesina said.<\/p>\n\n\n\n
The President noted that the Bank got strong support to develop Africa Financial Stability Mechanism to protect the continent from economic shocks.<\/p>\n\n\n\n
He said the Bank would also focus on debt management adding that the continent must have transparent, sustainable debts.<\/p>\n\n\n\n
Adesina said the Bank would work with the World Bank, International Monetary Fund (IMF) and the G-20 common framework to ensure that private and commercial debts of Africa were well dealt with.<\/p>\n\n\n\n
\u201dI presented to the Board of Governors what my visions are in the next 10 years and the plan was unanimously endorsed,\u201d Adesina said.<\/p>\n\n\n\n
Egypt will host the next Annual Meetings of the Bank from May 22 to 26, 2023.<\/p>\n\n\n\n
Mr Tarel Amer, the Governor, Central Bank of Arab Republic of Egypt, was appointed the new Chairperson of the AfDB\u2019s Board of Governors.<\/p>\n\n\n
The African Development Bank (AfDB) Group says it has obtained approval from its Board of Governors to develop a Security Index Investment Bond to address insecurity in Africa. Dr Akinwumi Adesina, the President of the AfDB Group, said this at a news conference to wrap up the 2022 Annual Meetings of the Bank in Accra, […]<\/p>\n","protected":false},"author":2,"featured_media":4650,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[241],"tags":[507],"class_list":["post-42643","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-foreign","tag-bond","has-post-title","has-post-date","has-post-category","has-post-tag","has-post-comment","has-post-author",""],"yoast_head":"\n