The President of the African Development Bank (AfDB), Dr. Akinwumi Adesina, has called for “innovative, bold actions” to combat poverty and drive Africa’s development, amid growing pressures from climate change, global financial instability, and food insecurity.
Speaking at a meeting with G20 leaders and heads of multilateral development banks (MDBs) in the Global Alliance Against Hunger and Poverty, Adesina emphasized Africa’s urgent need for strengthened partnerships and strategic resource mobilization.
“We need bolder resolve, innovative and practical solutions, and stronger coordinated action at scale,” he stated, urging development partners to address crises hindering Africa’s growth and progress toward global development goals.
Adesina’s remarks came from a Friday statement titled, “African Development Bank President calls for bold, innovative and practical solutions to tackle poverty in Africa,” published on the AfDB website.
The statement also highlighted his leadership at the ongoing International Monetary Fund (IMF) and World Bank Annual Meetings in Washington, D.C., where he is spotlighting key priorities for Africa’s future.
Among his specific goals, Adesina outlined eradicating hunger, boosting food security, expanding infrastructure for agricultural and industrial growth, and securing electricity for 300 million people by 2030 through the “Mission 300” initiative.
This joint effort with the World Bank will be a major focus at the upcoming Africa Energy Summit in Tanzania in January 2025. “Our strength lies in consolidating our collaboration, mobilising resources at speed and scale, and deploying them where they are needed most,” Adesina remarked, stressing that partnerships are crucial to amplifying the impact of development efforts across Africa.
The discussions on energy come as the AfDB prepares to co-host the Africa Energy Summit, where African leaders are set to endorse an Africa Energy Compact aimed at accelerating the Mission 300 goals.
With the AfDB’s transformative projects across sectors like energy, agriculture, and climate resilience, Adesina’s agenda in Washington includes bilateral meetings with development partners and preparations for the Africa Investment Forum in Morocco this December.
The forum, which has attracted over $180 billion in investment interest over five years, aims to link investors with high-impact opportunities across Africa’s agribusiness, healthcare, energy, transport, and digital sectors.
US Treasury Secretary Janet Yellen acknowledged the AfDB’s efforts, commending its Mission 300 initiative and projects addressing challenges in fragile regions.
Yellen specifically praised an AfDB-backed loan supporting agricultural productivity for displaced communities in the Democratic Republic of Congo.
Following the Washington meetings, Adesina will attend the 2024 Borlaug Dialogue and World Food Prize in Iowa, where he will discuss global food security challenges with African Heads of State.
With the IMF and World Bank meetings continuing until October 26, Adesina’s engagements reflect an intensified focus on coordinated global efforts to drive Africa’s sustainable development and resilience amid global challenges.
