The Abidjan based African Development Bank(AfDB) had so far invested $16 billion in West Africa, the bank’s president Akinwumi Adesina said today.
He spoke at the mid-year summit of the ECOWAS leaders in Accra Ghana on Saturday.
Adesina expressed gratitude to the leaders for backing his second term and then briefed them on how the bank has been contributing to the region’s economic growth.
He said the bank was investing massively in Africa, with over 16 billion dollars spent so far in West Africa.
“The African Development Bank is investing massively in West Africa. We are delighted with the excellent relationship and partnership with the ECOWAS Commission.
“The total volume of the spending portfolio of the bank in West Africa currently stands at $16 billion, the second largest for the bank anywhere in the continent.
”The bank’s support for infrastructure in the ECOWAS region has doubled over the past five years, increasing from two billion dollars in 2015; when I was first elected, to four billion,” he said.
Adesina called on African leaders to urgently address the rising security challenges on the continent, which are posing threats to development and investment opportunities.
“The security index investment bonds can be delivered through special purpose vehicles, established on behalf of a pool of regional member countries. The bonds can be credit enhanced by the AfDB and other donors
“The administration of the bond proceeds can be managed by the Africa Union’s Peace and Security Council and regional economic communities, which includes the ECOWAS Commission.
“Then Your Excellencies, we all can sleep with our eyes closed, to wake up the next morning, ready to work relentlessly to Africa’s assured destiny of prosperity. So, together, let us assure economic growth and prosperity for the West African region.
“Together, let us build greater resilience, financial and economic resilience, climate and health resilience.
“Together, let us give the region a well-financed security architecture that will secure the lives of people and enhance the attractiveness of the region as the prime investment destination.
”Let us mount the flag of ECOWAS on a higher mountain. Let us rise higher,” he stressed.