AfDB pours $118,7bn into projects

Oliver Kazunga Senior Business Reporter
THE African Development Bank (AfDB) has approved more than 4,500 projects valued at $118,7 billion between 1967 and last year .
The financial institution, which is headquartered in Cote d’Ivoire was formed in 1964 and has over the years been pivotal in supporting sustainable economic development and social progress in its regional member countries such as Zimbabwe to reduce poverty.

“The bank has approved over 4,501 projects amounting to $118,7 billion when it commenced operations to the end of 2013,” said the bank.

AfDB achieves its objectives by mobilising and allocating resources for investment in regional member countries as well as providing policy advice and technical assistance to support development efforts.

The financial institution operates in Central Africa, East Africa, North Africa, West Africa and Southern Africa.

Over the years, AfDB has supported Southern African countries that include Zimbabwe and Zambia on green growth, water supply and sanitation and energy projects.

“The Zimbabwe projects funded by the Zimbabwe Multi-Donor Trust Fund included the Urgent Water Supply and Sanitation Rehabilitation Project and the Emergency Power Infrastructure Rehabilitation Project.

“The Zambia project funded by the Climate Investment Funds is for strengthening climate resilience in the Kafue Sub-Basin,” it said.

Meanwhile, the regional financier and the Alliance for a Green Revolution in Africa (AGRA) Nairobi, Kenya, signed a grant agreement on Friday to support the growth and formalisation of 54 African seed companies in eleven countries.

“The Fund for African Private Sector Assistance managed by the bank has provided $1 million to fund a technical assistance project in the form of business development services for the 54 seed companies. The seed companies are located in Burkina Faso, Ghana, Mali, Rwanda, Mozambique, Tanzania, Sierra Leone, Senegal, Niger, Liberia and Uganda.

“This technical assistance project will help the seed companies increase their production of quality seeds for rural farmers ultimately contributing to ensuring food security and the reduction of poverty in rural areas,” it said.