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  • Writer's pictureInfrastructure Exchange

Ride the wave of the African Continental Free Trade Area, says AfDB president


Africa is on the cusp of unmatched economic transformation, and the United Kingdom (UK) must engage in a “partnership of change,” African Development Bank President Akinwumi Adesina said in a keynote address at a UK Parliamentary Symposium.


The Bank’s chief argued that Africa and the UK should be significant trading partners. “The reality, however, is that UK’s trade with Africa is trending downwards. From a USD49-billion peak in 2012, trade decreased to USD30.6-billion in 2018,” he noted.


The decline in UK trade and investment in Africa is against a backdrop of projected business-to-business and consumer-to-consumer expenditures of $5.6-trillion by 2020, and a food and agriculture market worth $1 trillion by 2030. The African Development Bank has been a major investor in infrastructure development in the electricity, transport, and water sectors across Africa.


Cumulative Bank funding for infrastructure on the continent rose by 22% from $66.9 billion in 2016 to $81.6 billion in 2017. During the same period, the value of infrastructure projects with private sector participation has increased from $3.6-billion to $5.2-billion. The Bank has established several project preparation facilities to address the lack of bankable projects and ensure a robust pipeline of projects. These facilities collectively provide $30-50 million annually in support for project preparation.


Source: African Development Bank

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