(Ecofin Agency) - Over the next four years, the African Development Bank (AfDB) will invest $12 billion in Africa’s energy sector to boost the aviation industry, the institution’s president Akinwumi Adesina (picture) said. 

According to him, the aviation sector which contributes close to $73 billion in terms of GDP and supports 6.8 million jobs, holds a key importance for the continent’s growth.

“We are investing in the power sector 12 billion dollars in the next four years with the goal of leveraging between 45 to 50 million dollars in this sector", said Adesina before adding: “Without electricity, you really cannot operate an effective and efficient airline industry and so this is one of the top priorities of the bank. So we must fast track that and when we have electricity, everything functions, even for the aviation industry and the tourism industry”.

Last Tuesday, AfDB and the International Air Transport Association (IATA) signed a memorandum of understanding (MoU) to boost Africa’s aviation industry which still struggles to take off.

Fiacre E. Kakpo