Public Management

2020 Annual Meetings of the African Development Bank: a renewed commitment to economic resilience in Africa

2020 Annual Meetings of the African Development Bank: a renewed commitment to economic resilience in Africa
Thursday, 27 August 2020 06:03

The 55th Annual Meetings of the African Development Bank and the 46th meetings of the Board of Governors of the African Development Fund (ADF) began in Abidjan, Côte d’Ivoire, on Wednesday, 26 August 2020.

In his opening speech, the President of Côte d’Ivoire, Alassane Ouattara, highlighted the unusual context of this year’s Annual Meetings, taking place against the backdrop of the COVID-19 pandemic. He also underscored the Bank’s critical support for his country and other regional members.

This is an opportunity for me to acknowledge the African Development Bank, its President and Board of Directors, for the unwavering support expressed in these difficult times to African states. Indeed, the Bank's COVID-19 Rapid Response Facility has made it possible to finance and support African countries in the fast implementation of plans to fight the pandemic.”

President Ouattara praised the “remarkable capacity to adapt that the Bank has shown by continuing its operations and functioning in virtual mode, since March 2020,” and the work accomplished by Bank President Akinwumi Adesina “who has successfully led the transformation of the African Development Bank and has given it great credibility and visibility, of which we are proud.

This year’s meetings are being held virtually due to restrictions occasioned by the COVID-19 health crisis. The highlights of the 2020 sessions are the election of the Bank Group’s president and the statutory meetings of its Governors, which are being held behind closed doors.

President Ouattara wished Adesina good luck in his re-election bid.

According to estimates by the African Development Bank, Africa could lose $173.1 billion in GDP in 2020 and $236.7 billion in 2021 because of the pandemic. The restrictions and strict lockdown measures imposed at the start of the crisis, some of which are being gradually relaxed, have resulted in mass closures of businesses and millions of job losses. The aim is, therefore, to soften the impact of the anticipated recession.

Addressing the audience, Adesina celebrated the excellent relationship between the institution and Côte d’Ivoire, which is home to the Bank’s headquarters. He also paid tribute to the country’s steady economic progress.

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”.

Back in April, the Bank reacted swiftly to the pandemic, with a series of bold measures to support its regional member states to help cushion them against the impacts of the outbreak. One example was the launch of the COVID-19 Response Facility of up to $10 billion. The response, like the crisis, is now on a continental scale. From the north to the south of the continent, the Bank has provided massive support to strengthen the resilience of regional member states.

The Bank has provided support worth $22 million to regional bodies such as ECOWAS in West Africa, to strengthen the health systems of low-income countries, and to CEMAC in central Africa. It also assisted the G5 countries in the Sahel to the tune of $20 million.

During the meetings, Governors from the Bank’s 54 regional member states in Africa and 27 non-regional member states, will also evaluate the response to the pandemic, which will help to build a truly resilient post-COVID-19 Africa.

Nialé Kaba, Ivorian Minister for Planning and Development in Côte d’Ivoire and president of the Bank’s Board of Governors, stressed that the pandemic was, in spite of all, an opportunity to “take up the challenge of the digitization of our economies”. She encouraged the Bank’s management “to provide substantial support to African countries individually and collectively in order to strengthen national and regional digital infrastructure for greater connectivity.”

The African Development Bank’s Annual Meetings are attended by Ministers of Finance, central bank governors, political decision-makers, civil society organizations, heads of international organizations and key representatives of industry and the private sector.

The Governors will vote to elect the Bank’s president on Thursday, 27 August 2020. Adesina, the first Nigerian to occupy the role, was elected by the Bank’s Board of Governors for a five-year term on 28 May 2015 at the 50th Annual Meetings, which took place in Abidjan.

In his speech, Adesina welcomed Ireland as the Bank Group’s 81st member.

24968 in Agency agrf jennifer blanke agrf afdb copy

Additional Info

  • communiques: Non
  • couleur: N/A
On the same topic
DRC launches campaign to diversify investors in government securities 98% of bonds now held by banks; aim is to reduce risk and broaden...
Verdant Capital has invested $3 million in Nigerian fintech Bfree to help recover distressed loans in Africa. The deal will allow Bfree to...
Côte d’Ivoire will receive $234 million for a sustainable urban mobility project in Abidjan. Gambia will receive $32.2 million to build...
Stanbic IBTC and Zenith Bank cut monthly card spending abroad to $500 and $200 Foreign reserves fall by $3.5 billion in six...
Most Read
01

• Inflation within the West African Economic and Monetary Union (UEMOA) fell to a two-year low of 0....

UEMOA: Inflation Drops to 0.6% in May, Driven by Lower Food Prices
02

• Qatar Airways and Kenya Airways establish strategic agreement, introducing a third daily flight be...

Qatar Airways Expands its Network in Africa, Building Presence in Kigali, Johannesburg, and Nairobi
03

• Interbank volumes rose 18.7% in May, while rates declined across the market• The BCEAO cut its mai...

WAEMU Sees Easing Conditions on Regional Interbank Market
04

• EY is preparing to leave Francophone Sub-Saharan Africa by 2026• The exit could unlock $500 m...

EY’s Exit Creates $1bn Opportunity in Francophone Africa Consulting Market
05

As cybersecurity asserts itself as a pillar of digital sovereignty in West Africa, technology-free z...

Cybersecurity Key to Côte d'Ivoire's Tech Future– VITIB's N'ZI
Enter your email to receive our newsletter

Ecofin Agency provides daily coverage of nine key African economic sectors: public management, finance, telecoms, agribusiness, mining, energy, transport, communication, and education.
It also designs and manages specialized media, both online and print, for African institutions and publishers.

SALES & ADVERTISING

regie@agenceecofin.com 
Tél: +41 22 301 96 11 
Mob: +41 78 699 13 72
Média kit : Download

EDITORIAL
redaction@agenceecofin.com

More information
Team
Publisher

ECOFIN AGENCY

Mediamania Sarl
Rue du Léman, 6
1201 Geneva
Switzerland

 

Ecofin Agency is a sector-focused economic news agency, founded in December 2010. Its web platform was launched in June 2011. ©Mediamania.

 
 

Please publish modules in offcanvas position.