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Bianca Mlilo, Business Reporter
THE African Development Bank (AfDB) will spend $7 billion over the next three years on development projects.
In a statement the regional bank said it had recently approved grants worth $2,08 billion and €1,7 billion under various projects to provide the support needed to some of its biggest member countries as they dealt with falling commodity prices.
“The year (2016) ended with donors pledging to support the structural transformation of African economies and the Bank’s High 5 priorities by agreeing on $7,06 billion over the next three years,” said AfDB in a statement.
“This money will be used to support development projects and programmes in the 38 lower income African countries supported by the African Development Fund.
“One of the innovations this year is the increased resources for countries affected by a situation of fragility and the private sector.”
AfDB’s five initiatives are — Light up and power Africa, Feed Africa, Industrialise Africa, Integrate Africa, and Improving the quality of life for the people of Africa.
The five are part of a comprehensive blueprint for the implementation of the regional bank’s 10-year strategy 2013-2022.
In the funds that were disbursed, a budget support worth $1 billion to Nigeria was approved to help the country deal with declining oil prices. The bank also supported Algeria’s industrial and energy support programme with a €900-million loan and funded Phase Two of Egypt’s economic governance and energy support program for $500 million.
The AfDB board approved $250 million in support for the Enable Youth Programme in Nigeria, which will contribute to job creation, food security and nutrition, rural income generation and improved livelihoods for youths in both urban and rural areas.
“The African continent will have more than 800 million urban residents in 2030 and the figure is expected to multiply to 1,2 billion by 2050,” said AfDB.
@BiancaMlilo
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