By Jane Okafor, Abuja
President of the African Development Bank (AfDB) Group, Akinwumi Adesina, has disclosed that the bank had disbursed the sum of $59 billion dollars to the continent’s financial institutions in the last decade.
Adesina who made this known while speaking on his achievements at the bank’s annual meetings opening ceremony on Tuesday in Cotê D’ivoire, said the figure represents almost half of all the disbursements in the history of the AfDB group.
The Cotê D’ivoire meeting marks his last meeting as the AfDB president.
Established in 1964, the economist noted that until 2014, the AfDB approved $118 billion loan to financial institutions on the continent, stressing that under his presidency, the the group ramped up its disbursements.
He identified the beneficiary – institutions generally as commercial banks, regional development financing institutions and “multilateral development financing institutions” to boost their capital bases.
He said, “The total disbursements of the bank’s group in the last 10 years alone at $59 billion represents almost half of all the disbursements in the history of the African Development Bank group.
“However, in the past 10 years alone, under my presidency, with our boards of directors and my staff, our total approvals were $102 billion.
“That represents 46 percent of all the approvals in the history of the African Development Bank group.
“These are not just numbers. Thanks to your collective support, these represent a new dynamism, a scale of the transformative impact of the AfDB Group that at any point in its history, we provided significant financial support to African financial institutions.”
In his speech, Adesina said he “gave Africa his heart,”fighting for the continent’s best interest in the last 10 years of overseeing the affairs of the institution.
Taking appraisal of his two-term tenure, Adesina said the Bank’s interventions under his watch transformed communities across Africa through strategic investments in electricity, agriculture, infrastructure, jobs, and health systems.
He said no fewer than 390 million people gained access to electricity, 240 million benefited from agricultural technologies, and 12 million secured new or improved jobs as part of the Bank’s High 5 priorities, introduced in 2016.
He said, “The High 5s of the Bank, to light up and power Africa, feed Africa, industrialize Africa, integrate Africa and improve the quality of life of the people of Africa have been transformational for Africa. In the past decade, the work of the African Development Bank has impacted the lives of 565 million people.
“This includes: 28 million people with access to electricity; 104 million people with food security;121 million people with access to improved transport; 128 million people with access to improved health services; 67 million with improved access to information and communication technology; 63 million people with access to drinking water.
“34 million people with access to sanitation. The Bank accelerated regional integration with massive support for infrastructure to support the African continental free trade area.”
He acknowledged the contributions of several stakeholders to his success.
“I earnestly gave Africa my heart, my mind and my all. I fought for what I believed were in Africa’s best interest, every single day and at every turn in my 10 years as President.
“I will continue to serve Africa today and well into the future by God’s grace. I am thoroughly convinced that He did not make a mistake in creating me as an African.”
‘AfDB GREW CAPITAL TO $318BN UNDER MY TENURE’
Speaking further, the AfDB boss said the bank has significantly strengthened the financial architecture in Africa, with its capital rising from $93 billion in 2015 to $318 billion in 2025.
“Thanks to our African Development Fund donors, we raised $8.9 billion for ADF16, the largest ever in the history of the Fund since 1973,” he said.
“We innovated and developed a new financial framework that will allow the ADF to mobilize $27 billion from global capital markets.
“The shareholders of the Bank showed extraordinary support and confidence in our leadership and management of the Bank.
“When I was first elected President of the Bank in 2015 the capital of the Bank stood at $93 billion. From 2015 to 2025, we have grown the Bank’s capital from $93 billion to $318 billion.”
Adesina said the bank put the expanded capital into “remarkable use with unprecedented financial support to all of our African countries”.
The AfDB boss said the bank has worked closely with the African Union to support the organisation.
“This includes the provision of $11.5 million in institutional support, over $17 million to the African Continental Free Trade Area, and over $27 million to the African Centre for Disease Control,” he said.
“The African Investment Forum, launched by the Bank and its partners in 2018 has since mobilized $225 billion in investment interests in Africa, across several projects.”
Adesina noted that the work of the AfDB “has impacted the lives of 565 million people” in the past decade.
