AfDB President Adesina Calls for Stronger Global Financial Ties with Africa to Drive Economic Growth

Dr. Akinwumi Adesina, President of the African Development Bank (AfDB), has called for stronger collaboration between international financial hubs and African markets to unlock the continent’s economic potential and foster sustainable development. He emphasized this need during a recent visit to United Bank for Africa (UBA) UK in London, where he met with senior executives to discuss partnerships and debunk misconceptions about investment risks in Africa.

Adesina highlighted that despite outdated perceptions, Africa presents a favorable investment climate, citing data from Moody’s Analytics showing a significantly low investment default rate of just 1.7% over the past 14 years, compared to Latin America’s 13% and Eastern Europe’s 10%. His remarks aimed to challenge long-standing narratives that have hindered investment flows into the continent.

The discussions with UBA UK centered on expanding financial partnerships and addressing key sectors of the AfDB’s development agenda, such as agriculture, energy, women’s financial inclusion, and youth entrepreneurship. UBA’s CEO, Theresa Henshaw, emphasized the bank’s focus on facilitating trade and investment into Africa, leveraging its deep understanding of the continent’s financial ecosystem.

Adesina also discussed the Affirmative Finance Action for Women in Africa (AFAWA) initiative, which seeks to close the $49 billion financing gap for women-led businesses in Africa. Since its launch in 2019, the initiative has approved $2.5 billion in funding, benefitting over 24,000 women entrepreneurs across 44 African nations. The AfDB continues to play a critical role in supporting women’s financial inclusion and broader economic growth in Africa.

Source: arise