Growth is projected at 4% in 2019 and 4.1% in 2020. This is a strong momentum, from the growth of only 2.1% posted as recently as 2016.
President Dr. Akinwumi Adesina, made the remarks when addressing delegates at Banks Annual Meetings Malabo, Equatorial Guinea
“It is worth noting that 40% of African countries are projected to see growth of at least 5% this year, as commodity prices recover and domestic demand and infrastructure investments boost growth “said Adesina
According to him there's excitement in the air on Africa's economic opportunities. And those opportunities are boundless. The newly minted Africa Continental Free Trade Area will make Africa the largest free trade zone in the world, with a combined GDP of over $3.3 trillion.
Pulling down tariff barriers alone, will spur trade by at least 53%, and with the elimination of non-tariff barriers, trade could potentially double.
To help accelerate regional integration in Africa, the Bank has been at the forefront in the development of critical infrastructure.
This is the first time the Bank is holding its Annual Meeting in the critically important Central Africa region. In the past several years, we have invested over $13 billion in the region. And for every dollar invested, the region has leveraged $36, an incredible rate of return of 36 times.
The Bank investments have helped construct the Central Africa fibre optic networks that connect the population with faster and less expensive access to the Internet, and in the process, boosting business and regional integration.
“Our efforts through the Congo Basin Fund have helped to preserve forests and biodiversity. We are building a prosperous, climate-smart and environmentally secure future for Africa.
The President said today, a climate-resilient Africa is now urgent, more than ever before, as states all witnessed during the recent devastation caused by cyclones in Mozambique, Malawi and Zimbabwe.
The African Development Bank rallied support behind these countries, by providing immediate disaster relief.
And just last week, our Board of Directors approved $100 million in funding to support their rebuilding efforts.
The global community must support Africa to adapt to climate change and ensure resilient economies, for a greater future.