AfDB makes highest ever loans and grants approval of $10.5b in 2016

The African Development Bank (AfDB) says it approved the highest value of loans and agreements ever in 2016, to the tune of $10.5 billion.

Speaking to journalists at a press conference at the 52nd Annual Meetings of the Bank in Ahmedabad, India Monday May 22, 2017, Dr. Akinwumi Adesina, the President of the Bank said the Bank also made the highest ever disbursement in its history.

“The Bank disbursed $6.5 billion, the highest ever in the Bank’s history,” he said.

He said the Bank raised $10.5 billion from the international market and maintained its AAA rating.

He said the Bank will continue to mobilise investments by reaching out to sovereign funds and other pension funds.

According to the Bank, the central theme of the meetings, “Transforming Agriculture for Wealth Creation in Africa”, mirrors India’s famous Green Revolution, which saved millions of people from famine and reflects agriculture’s vast linkages to other sectors and its centrality to Africa’s efforts towards poverty alleviation, food security and economic transformation.

The meetings will showcase one of the Bank’s prime creations, the activities of agripreneurs, an Africa-wide initiative launched to attract young graduates to engage in farming as a lucrative business, it said.

Key discussion will focus on how the Bank’s High 5s, especially agriculture and energy, can be leveraged to promote Africa’s transformation.

These include a series of Presidential forums on critical agro-industry issues, such as Leadership for Agricultural Transformation; Creative Energy Solutions to Boost African Agriculture, Innovative Financing for Agriculture, Financing African Infrastructure, Women in Agriculture, and Changing Perceptions on Agriculture: the Role of the Entertainment Industry (“Nollywood Meets Bollywood); among other varied topics and issues, it added.

The meetings will end on May 26, 2017.