Online Reporter
Nqobile Bhebhe, Zimpapers Business Hub
The African Development Bank (AfDB) has announced a record-breaking $11 billion in new operations for 2024, the highest in its history as part of efforts to accelerate inclusive growth and climate resilience across the continent.
The landmark announcement was made on Tuesday through the Bank’s Annual Development Effectiveness Review (ADER) for 2025, which tracks progress and impact across Africa.
AfDB President Dr Akinwumi Adesina said the continent was facing an “unprecedented array of challenges,” but noted that Africa holds the key to its transformation by leveraging its strengths.
“This year’s Annual Development Effectiveness Review (ADER) shines a light on the Bank’s key role in harnessing and unlocking Africa’s immense potential. As the continent’s leading development finance institution, the Bank is not only driving transformative infrastructure projects but also reshaping Africa’s future,” he said in the report.
According to the report, in 2024 alone, the Bank improved access to transport for over 3.5 million people, while advancing the implementation of the African Continental Free Trade Area (AfCFTA) — a key initiative aimed at deepening economic integration and connecting landlocked regions to key trade corridors.
Investments in Special Agricultural Processing Zones (SAPZs) also boosted food security and created jobs across agricultural value chains, helping communities grow their local economies.
The Bank’s contribution to Africa’s clean energy transition was equally significant, with more than 200 000 new electricity connections benefiting close to 1 million people last year.
“The Bank supported over 25 000 agribusinesses and reached over 1.5 million farmers with climate-resilient technologies,” Dr Adesina said.
“Furthermore, the Bank has strengthened its role as a leading financier, achieving a record-high lending volume of $11 billion in 2024.”
He added that $5.5 billion of that funding was channelled into climate finance, with a strong focus on adaptation to enhance the continent’s resilience to climate shocks.
Dr Adesina noted that 2024 marked the end of a decade of transformative investments which have touched the lives of over 560 million Africans, including more than 240 million women.
“Africa’s potential is boundless, but realising the opportunities requires strategic investments at scale,” he said. “In a world confronting its own challenges, this is the moment for African institutions like the Bank to take the lead in driving the continent’s transformation. However, achieving this vision will require sustained support from international partners to meet the investment needs of low-income countries that remain reliant on concessional finance.”
The 2025 ADER report outlines key development milestones delivered in 2024, including food security for 27 million people, improved healthcare access for over 14 million, clean water for nearly five million, transport links for more than 3.5 million, electricity access for close to one million and climate-smart technologies reaching 1.5 million farmers.
The Bank also recorded strong progress under the Africa Emergency Food Production Facility (AEFPF), launched in 2021.
So far, 12 million farmers across 35 countries have benefited from improved seeds and fertilisers, with the initiative set to conclude in 2025, it said.
The report notes that through projects completed in 2024, the Bank maintained its solid path of results, including food security for 27 million people, improved healthcare access for over 14 million, clean water for nearly 5 million, transport links benefiting more than 3.5 million, electricity access for close to 1 million, and climate-resilient technologies reaching 1.5 million farmers.
Further progress achieved on ongoing projects include 12 million farmers benefiting from improved seeds and fertilizers in 35 countries through the Africa Food Emergency Food Production Facility (AEFPF), a timely initiative launched in 2021 by the Bank to support smallholder farmers and expected to conclude in 2025.”
The manufacturing sector in Africa has shown remarkable resilience to global economic shocks, with manufacturing value-added reaching $302 billion in 2023 from $282 billion in 2020.
“However, Africa’s market share of global processed commodities remains static, at 10.9%. The Bank has sought to drive industrialisation by focusing on key enablers such as access to finance and basic ICT services. In 2024, it provided 1 177 enterprises access to finance and over 21 million people with basic ICT services. The Bank also helped mobilise $2.4 billion in financing for Special AgroIndustrial Processing Zones (SAPZs), which are a key pathway to industrialisation and agricultural transformation.”
