The Minister of Finance, Mrs Kemi Adeosun, has called on the African Development Bank to assist countries on the continent to mobilise resources for the development of their economies.
She also advocated a well-capitalised AfDB that would be capable of fulfilling its commitments to member-countries.
The minister made the call at the regional consultative meeting between the AfDB President, Mr Akinwumi Adesina, and the bank’s governors and ministers of finance from West Africa and Central Africa held in Abidjan, Côte d’Ivoire.
The meeting, according to a statement by the minister’s media aide, Mr Oluyinka Akintunde, was the first consultation of its kind since the creation of the bank in 1963.
Adeosun was quoted to have said that a solid AfDB was required to assist African countries to mobilise internal resources.
“At the height of the crisis that shook our economy due to the fall in oil prices, the AfDB provided us with substantial budget support, while other partners were very reluctant,” she added.
Adesina, according to the statement, noted that the annual meetings had hitherto been the only setting for group dialogue between the governors and the management of the bank.
“We intend for this type of consultation to be an annual event that provides another opportunity to listen to you, to seek your advice and discuss important developments and matters important to the work of the bank and Africa’s development,” he stated.
At the meeting, the governors and the AfDB senior management team agreed to accelerate the implementation of the bank’s five strategic priorities.
The priorities are light up and power Africa, feed Africa, industrialise Africa, integrate Africa, and improve the quality of life for the people of Africa.
They also called for an increase in capital mobilisation to allow the bank to meet its mandates for Africa, in view of considerable reduction in official development assistance.
The AfDB governors recalled that the sixth capital increase, ratified in 2010, made it possible for the bank to take the volume of loans to unprecedented levels.
They added that aid to countries receiving African Development Fund financing had increased seventeenfold.