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President of the African Development Bank (AfDB), Akinwumi Adesina, says Africa has lost over a decade of gains in economic growth to the Coronavirus pandemic.
Adesina, who also noted that the continent’s road towards recovery would be long and difficult, called on stakeholders to help “build back” the continent.
The president made this call on Wednesday while addressing stakeholders at the Bank’s 2020 Annual General Meeting in Abidjan, Cote d’Ivoire.
He said, “With the pandemic, Africa has lost over a decade of gains of economic growth. Africa’s recovery will be long and difficult. Now we must help Africa to build back, boldly, but smartly, paying greater attention to quality growth: health, climate and the environment.
“Yet even in these challenging times, the Board of Directors of the African Development Bank pulled together to support Africa.
“The Bank launched a $10 billion COVID-19 Response Facility to support African countries. We launched a $3 billion social bond on the global market – the largest US dollar-denominated social bond ever in world history.
“These actions reflect our ambition, our unshaken commitment and unyielding responsibility to support, stabilise and strengthen African economies. As we stabilize nations, so also must we stabilise the Bank — our institution.
“The past several months no doubt have been challenging for the Bank. Yet, we pulled together. I would like to sincerely thank you all, our esteemed Governors, under the excellent leadership and wisdom of the Chairperson, Minister Niale Kaba, for joining hands to steady the Bank.”
Adesina, whose four-year term expires by August 31, 2020, also asked to be considered for re-election.
AfDB’s presidential election takes place during its Annual Meeting closest to the end of the term of office of the serving president.
The President is elected by the Board of Governors of the Bank.
SOURCE: AGRONIGERIA