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Adesina, President of the African Development Bank, shares how Africa has surpassed expectations to become the world’s second fastest growing region with ambassadors in Abidjan.

Africa’s economies are continuing to grow at a faster rate than the global average of 3%, demonstrating resilience against various challenges such as climate change, geopolitical tensions, inflation, food insecurity, and rising debt.

The President of the African Development Bank Group, Dr Akinwumi Adesina, stated that Africa is projected to account for 11 out of the 20 fastest-growing economies in the world by 2024, with 15 African countries experiencing output expansions of more than 5%.

Addressing the Bank’s annual luncheon for ambassadors, heads of diplomatic missions, and representatives of international organizations in Abidjan, Cote d’Ivoire, Dr Adesina highlighted the positive economic outlook for Africa.

The African Development Bank recently launched its African Macroeconomic Performance and Outlook Report for 2024 at the African Union Summit in Addis Ababa. The report forecasts that Africa will remain the fastest-growing region in the world, surpassing the global average growth rate of 3% in 2023.

Dr Adesina emphasized the Bank’s focus on supporting countries to build resilience against economic and climate shocks, as well as global financial challenges affecting debt service capacities and inflation rates.

He also mentioned significant financial achievements, including a substantial increase in the Bank’s capital and record replenishment of the African Development Fund, enabling greater support for low-income countries.

The Bank’s operations have had a direct impact on the lives of 400 million people over the past seven years, with investments in infrastructure reaching over $44 billion. Projects like the construction of the Senegambia bridge and support for the Lobito Corridor demonstrate the Bank’s commitment to infrastructure development in Africa.

Furthermore, the Bank is actively involved in initiatives such as the African Emergency Food Production Facility and the Feed Africa Summit to address climate change and promote agricultural innovation.

Efforts to enhance healthcare infrastructure and pharmaceutical production in Africa, as well as initiatives to empower youth and women economically, were also highlighted during the event.

The Bank’s commitment to sustainable economic, social, and environmental development was praised by Mauricio Rueda Beltz Apostolic Nuncio in Cote d’Ivoire and the dean of the diplomatic corps.

Overall, the African Development Bank Group’s work is aimed at promoting growth and prosperity across Africa, with a focus on driving sustainable development and enhancing the livelihoods of its people.

For more information about the African Development Bank Group, visit www.AfDB.org.

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