AfDB hits highest annual disbursement of $7.67bn in 2017 – Adesina

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African Development Bank (AfDB) President, Mr Akinwumi Adesina

…As Borno Govt. reconstructs 50, 000 houses, schools, clinics after B’Haram attacks***

The President of African Development Bank (AfDB), Dr Akinwumi Adesina, said that the Bank, 2017, achieved its highest annual disbursement ever of 7.67 billion dollars on supports.

Adesina said this in a statement made available to the News Agency of Nigeria (NAN) on Thursday in Abuja.

He said that the Bank would continue to support African countries in ensuring stronger macroeconomic policies.

“The Bank achieved its highest annual disbursement ever in its history, at 7.67 billion dollars.

“Our investment in the energy sector in 2017 covered 31 operations in 23 countries and totaled 1.39 billion dollars, representing a 30 per cent increase over 2016.

” In 2017, the Bank maintained its AAA rating with stable outlook by all four global rating agencies.

“The Bank’s AAA stable outlook rating is underpinned by sound financial and risk management policies, excellent liquidity and strong shareholder support,” Adesina said.

He said that the Bank was working hard to be more efficient and become impact driven organisation; one that accelerated Africa’s development, holding itself to a higher standard of performance.

The president said that it was only when the Bank became performance driven that it could meet Africa’s expectations.

Adesina assured that the Bank intended to score a lot more development goals for Africa, adding that there was need for greater alignment, performance and accountability for results.

He said that the Bank launched its largest bond transaction with 2.5 billion dollars three-year global benchmark followed by its largest ever five-year global benchmark for 2 billion dollars.

According to him, the Bank continues to grow its income solidly, reversing its declining income when he started two years ago.

He said that the net operating income of the Bank had declined from 589.3 million dollars in 2014 to 492.7 million dollars in 2015, when he took over, adding that ever since there had been a rapid turnaround.

“In 2016, the net operating income rose to 556.6 million dollars and shot up to 855 million dollars in 2017, an increase of almost 54 per cent over 2016.

” To put things in context, this is also a 73 per cent increase over where we were in 2015.

“The Bank is mobilising more resources for Africa. In 2017, we mobilised 9.73 billion dollars from the capital markets for African countries including 300 million dollars from the enhanced private sector facility for Africa.

“I am delighted that in 2017, the Bank helped leverage 6 billion dollars for the landmark Japan-Africa Energy Financing Facility.

“This will help accelerate efforts to light up and power Africa,” Adesina said.

He said that the Bank was doing a lot on “Light Up and Power Africa agenda”, adding that in 2017 it invested 1.39 billion dollars.

He added that the aim was to improve access to electricity to help generate an additional 1,400 MW of power and connect 3.8 million persons to electricity.

On renewable engergy, the president said that the Bank was leading, adding that when he assumed office, the share of renewable energy in the Bank total power portfolio was just 14 per cent.

“However, we increased that to 74 per cent in 2016 and in 2017; we achieved a record-breaking 100 per cent of our new lending in renewable energy.

He said that with access to more funding, “we hope to provide electricity to an unprecedented 29.3 million Africans between 2018-2020”.

The president said that the Bank was spearheading the development of the desert to power initiative to harness electricity from the sun all across the Sahel.

He said that ” our goal is to support the generation of 10,000 MW of power, connect 250 million persons to electricity, of which 75 million people will be through off-grid systems.

“Africa needs to promote green growth. We are extremely conscious of our climate and environmental responsibilities and leadership role.

Adesina said that the Bank would be tripling its climate finance to 40 per cent of its portfolio by 2020.

On agriculture, he said that the Bank in 2017, invested 1.16 billion dollars in the sector – the highest ever in the Bank’s history.

It also launched Technologies for African Agricultural Transformation (TAAT), a one-billion dollar initiative to take agriculture technologies to scale for millions of farmers.

Adesina said that with adequate resources, between 2018-2020, the Bank expected to provide 29.2 million Africans with access to electricity.

He added that the bank’s Integrate Africa High 5 would provide 50 million Africans with improved access to transport.

Likewise, the Bank’s High 5 on Industrialising Africa would enable seven million people to benefit from investment projects.

He added that High 5, on improving the quality of life would also provide 36.8 million persons with improved access to water and sanitation.

Adesina said that the support of all shareholders was crucial for the general capital increase of the Bank.

He said that the Bank would do more for Africa and “we are working extremely hard to revamp the Bank and put it in a much stronger position, with more highly capable staff and institutional capacity to deliver more, better and faster support.

” Our ability to deliver in the past and now is a good indication that you can depend on us to deliver more in the future.

Meanwhile, the Borno Government says it has reconstructed over 50, 000 houses; clinics, classrooms, water points, police stations and other public structures destroyed by the Boko Haram insurgents in the past two years.

The state Commissioner for Reconstruction, Rehabilitation and Resettlement, Prof. Babagana Umara, stated this at a town hall meeting in Maiduguri.

Umara said the projects were executed in liberated communities in 16 local government areas of the state, under its Reconstruction, Rehabilitation and Resettlement (RRR) programme.

He explained that the projects were designed to fast track rehabilitation and resettlement of persons displaced by the insurgency.

“For us to achieve maximum security in the region the military operation must be accompanied by stabilisation and intelligence.

“The Borno Government has so far started reconstruction projects in 16 local government areas; basic amenities like water, health and education were being provided by the government.

“About 26 mega schools are under construction so as to take care of the increasing number of orphans in the state.

“In Bama Local Government Area the government reconstructed over 11, 000 homes, and in Mobbar, Damasak over 6, 000 homes reconstructed.

“ likewise other local government councils: Gwoza, Chibok and Damboa, among others, have received similar attention”.

Umara also disclosed that the government had successfully resettled displaced persons at konduga, Dikwa, Mafa, Gwoza, Mobbar, Askira, Ngala, Kukawa, Monguno and Damboa, amongst others.

He noted that the state government had implemented various programmes to augment interventions by the Federal Government and development organisations to mitigate the effects of humanitarian crisis caused by the insurgency.

The commissioner stressed the need for establishment of civil authorities in the communities, to facilitate voluntary return and resettlement of displaced persons to their communities to resume their normal lives.

“The establishment of civil authorities on ground is very paramount, the government constructed many police stations and traditional rulers’ buildings with a view to establishing civil authorities on ground; and without establishment of civil authorities their return could not be possible.

“The issue of reconstruction, rehabilitation and resettlement is very important because without return of civilian authorities in their localities there should be no complete peace.

“ Boko Haram will remain in the enclaves as long as there is no human population in the areas”.

Also, Sen. Ali Ndume (APC-Borno South) urged the Federal Government to deploy police and other security personnel to the liberated communities to enhance the resettlement process.

Ndume further called for increased funding for the North-East Development Commission (NEDC), to accelerate reconstruction, rehabilitation, resettlement and reconciliation process in the war-ravaged region.

Ndume noted that the total destruction in Borno State was estimated at over 9 billion dollars, representing about N2.7 trillion.

According to statistics by Borno Government, over 20,000 persons were killed and over two million others displaced by the insurgency in the state.

It shows that 986, 453 residential homes; 5, 335 classrooms, 201 clinics, 1, 630 water facilities, 726 electrical distribution stations and 800 public structures were destroyed by the insurgents in 27 local government areas of the state.