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Agence Ecofin
6 June 2022 Last update on Monday, June 6, 2022 At 4:03 PM

Thanks to the support of the African Development Bank's Covid-19 Rapid Response Facility, more than 300,000 small and medium-sized enterprises on the continent have received financing on favorable terms.

An African Development Bank report released in Accra shows that the institution has played a vital role in 2021, making timely investments that are helping millions of Africans overcome the unprecedented challenges caused by the Covid pandemic -19.

Published annually for 12 years, the Annual Development Effectiveness Review analyzes the role of the Bank in Africa’s development. It examines the Bank’s achievements under the “High 5s”, the institution’s strategic priorities: “light up and power Africa”, “feed Africa”, “industrialise Africa”. , “integrate Africa” ​​and “improve the quality of life of the people of Africa”.

Titled “Put Africa Back on the Development Track”, the 2022 edition of the report notes that the African Development Bank Group continued its plans in 2021 despite shutdowns, supply chain disruptions and the slump global economy. Across the continent, Bank investments have expanded access to electricity, improved transport conditions, boosted agricultural productivity, fostered industrialization and integrated regions. .

However, according to the report, the economic recovery remains uneven and fragile, even though the easing of restrictions imposed by Covid-19 has put many parts of the continent back on a growth trajectory. The report estimates that persistent vulnerabilities and new health measures have pushed an additional 30 million Africans into extreme poverty in 2021. By the end of the year, the Bank had spent four billion dollars to support efforts by countries to rapidly scale up Covid testing, train health workers, provide social support to households and fund businesses.

But the pandemic, with its dire consequences, is not the only crisis facing the continent today. African countries are also grappling with the climate crisis, insecurity in the Sahel and the Horn of Africa, and the impact of the war in Ukraine, particularly its impact on food prices. Investments must accelerate.

The report’s dashboard presents the results achieved in each sector. In the energy sector, for example, Bank investments have enabled the installation of 294 kilometers of new or improved power transmission lines and 456 kilometers of power distribution lines. As a result, around 1.3 million people benefited from new electricity connections.

“ They say that in every crisis lies an opportunity ”, remarked Simon Mizrahi, Director of the Development Impact and Results Department at the Bank. “Africa and the Bank again demonstrated remarkable resilience last year. For example, according to the calculations of the Annual Development Effectiveness Review, our projects provided more than 12 million people with access to safe drinking water and sanitation in 2021. That is three times more as our goal. And our investments in the private sector have provided financial services to more than 130,000 micro, small and medium enterprises, double our target, benefiting 3.4 million people. »

“ We are satisfied with the results, and the Bank’s teams have every reason to be proud ”, continues Mr. Mizrahi. “But the report also urges us to aim higher, be as ambitious as possible, so that more Africans can prosper. »

In a foreword to the report, the President of the African Development Bank Group, Akinwumi Adesina, observed that despite the remarkable progress made last year, the continent needs more resources than ever.

“African countries need to manage climate change, prepare for future health emergencies and face the prospects of a global food crisis,” Adesina said. “With only eight years left to achieve the Sustainable Development Goals, we need more ambitious plans to mobilize resources for Africa’s development. »

Akinwumi Adesina called on Africa’s partners around the world to join the African Development Bank in adopting a bolder vision for financing the continent’s development.

“Africa will not be defined by its challenges, but by its ability to overcome them. Together, we will put Africa back on a healthy path for resilient growth and development,” said Akinwum Adesina.

Source African Development Bank

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