-As the Bank mobilizes $3.5 billion for Liberty Corridor to link Liberia, Guinea
By Jerromie S. Walters
The 2024 Annual Meetings of the African Development Bank Group kicked off in Nairobi, Kenya today, with an opening speech by Dr. Akinwumi A. Adesina, President and Chairman of the Board of Directors. This year’s meetings hold special significance as they mark the 60th anniversary of the establishment of the African Development Bank Group.
It’s no secret that the African Development Bank has consistently invested heavily in infrastructure. In the past nine years. It has invested well over S50 billion in infrastructure projects on the continent, by far the largest investment of any multilateral Development Bank or institution, and the impacts are visible.
Impressively, it is mobilizing $3.5 billion towards the development of the Liberty Corridor to link Liberia and Guinea.
Liberia is being fully represented with the physical presence of the Minister of State without portfolio Mamaka Bility and other top government officials. For years, the West African nation (Liberia) has been actively involved in the development initiatives of the African Development Bank. This has been heightened by the ascendancy of the current administration.
In his remark, the Bank’s President and Chairman Dr. Adesina highlighted the importance of collective support, advocacy, and financial commitments from all shareholders to drive Africa’s development forward. He emphasized the African Development Bank’s role as Africa’s premier financial institution and its responsibility to mobilize financing for the continent’s development.
The devastating effects of climate change were also a key focus of Dr. Adesina’s speech, with a moment of silence observed for those who lost their lives in recent floods in Kenya and other countries. He commended President William Ruto for hosting the Africa Climate Summit in Kenya, where efforts were made to put Africa at the heart of global climate change initiatives.
The African Development Bank’s impact on African economies was highlighted, with projections showing growth in real GDP across the continent. Dr. Adesina emphasized the Bank’s commitment to its High 5 priorities, which include initiatives to light up and power Africa, feed Africa, industrialize Africa, integrate Africa, and improve the quality of life for the people of Africa.
Infrastructure development was also a key focus, with the African Development Bank investing heavily in projects across the continent. Notably, the Bank is mobilizing significant funding for the development of the Liberty Corridor, which will link Liberia and Guinea, as well as other critical infrastructure projects in the region.
The African Development Bank Group Annual Meetings serve as a platform for collaboration, innovation, and partnership to address the challenges facing Africa and pave the way for a brighter future for all.
The Bank says it is raising $3.2 billion for the East Africa standard gauge railway connecting Tanzania, the Democratic Republic of Congo, and Burundi. It is also providing S500 million towards the development of the Lobito corridor to link Zambia, Angola, and the DRC.
It is mobilizing $375 million for financing the railway linking Nigeria to Niger Republic and has worked with partners of the Africa Investment Forum to mobilize SI5.6 billion of
investment commitment towards the development of the Lagos-Abidjan corridor.
