African Development Bank Group president, Dr. Akinwumi Adesina met on Thursday with Ivorian President Alassane Ouattara. It was a routine visit for the Bank chief to take stock of cooperation between the Bank Group and the government of Côte d’Ivoire.
Discussions covered the 16th replenishment of the African Development Fund, the African Development Bank Group’s concessional lending arm to the continent’s low-income countries; a major Bank-financed reforestation program; the construction of the Lagos-Abidjan highway; and the fifteenth Conference of the Parties (COP15) of the United Nations Convention on the fight against desertification, taking place in Abidjan from the 9th to 20th of May.
Adesina reassured President Ouattara of the Bank’s commitment to Côte d’Ivoire, announcing a $746,500 package to support the COP15 conference in Abidjan. He said a further $500 million would go toward the Abidjan Legacy Program, a project that will restore forest and degraded lands in Côte d’Ivoire.
Adesina told President Ouattara that the Bank Group was focused on expanding resources for the African Development Fund in its 16th replenishment. The Ivorian president was supportive of the Fund leveraging its equity on the capital market to deliver more financing for Africa.
The Bank chief also presented the results of the 2021 edition of the virtual boardrooms of the Africa Investment Forum, held this past March. President Ouattara welcomed the news that the $15.6 billion Abidjan-Lagos road corridor project had attracted investment interest at the Africa Investment Forum.
AfDB president (left) routinely briefs Ivorian President on cooperation between the Bank Group and Côte d’Ivoire
The African Development Bank Group is a strategic partner in Côte d’Ivoire’s socio-economic development. The Bank Group’s active portfolio in the country consists of 45 operations totaling $2.71 billion. This is largely in transport infrastructure (40.8%), energy (22 .2%), agriculture (18.1%), governance (10.3%), social issues (4.6%), finance (2%), and water and sanitation (2%).
The African Development Bank Group’s strategy in Côte d’Ivoire for the 2018-2022 period focuses on accelerating economic diversification and structural transformation of the Ivorian economy. This is to help it become more inclusive, sustainable and resilient to shocks. By strengthening infrastructure and governance, this strategy supports the competitiveness of the economy and improves the efficiency of investments. It also relies on the development of agro-industrial value chains as a driver of inclusive and sustainable growth.
Adesina invited President Ouattara to take part in the African Development Bank Group’s imminent Annual Meetings in Accra, Ghana, from the 23rd to 27th of May.
AfDB President (left) addresses the press after his call on President Alassane Ouattara
African Development Bank Group
