Adesina Advocates for Stronger Global Partnerships to Boost African Economic Growth

Dr. Akinwumi Adesina, President of the African Development Bank Group, emphasized the importance of fostering global alliances to enhance economic opportunities in Africa during a visit to the United Bank for Africa (UBA UK) Limited office in London. He highlighted the need to build bridges between international capital and African markets as a crucial step in advancing the continent’s economic development.

In his speech, Adesina challenged common misconceptions about the risk associated with investing in Africa. Citing findings from Moody’s Analytics, he pointed out that Africa’s investment default rate over the past 14 years is just 1.7%, far lower than other regions such as Latin America and Eastern Europe. This statistic, he argued, underscores that the perceived risks in Africa are often exaggerated.

Adesina also reflected on the long-standing relationship between the African Development Bank and UBA Group, noting their collaborative efforts to enhance Africa’s financial systems and drive sustainable development. The discussion touched on key areas such as agriculture, energy, and women’s financial inclusion, which are central to the AfDB’s development goals.

One of the notable initiatives discussed was the Affirmative Finance Action for Women in Africa (AFAWA), designed to address the $49 billion financing gap facing women-led businesses. Since its launch, AFAWA has approved $2.5 billion in financing, benefiting over 24,000 women entrepreneurs across 44 African countries, illustrating the AfDB’s commitment to supporting women’s economic empowerment.

Source: punch