AfDB to Spend $ 2 Billion on AfCFTA Infrastructure Projects

the African development bank (AfDB) plans to devote an additional $ 2 billion to infrastructure to promote the African Continental Free Trade Area (AfCFTA).

AfDB President Akinwumi Adesina said this Friday during a virtual press conference at the end of his 2021 annual meetings of the bank.

Mr. Adesina said the infrastructure development plan will be executed over the next two years, adding that the AfCFTA initiative has enormous potential to develop economies across Africa.

“For the potential to be fully realized, it is very important that the private sector plays an important role and the AfDB supports AfCFTA to do this,” he said.

“You cannot trade if there is no infrastructure to trade; roads, rails, ports, highways. These are the things the AfDB has done. We did not wait for the AfCFTA.

“The work of the bank is central to driving regional integration for Africa. Over the next two years, we plan to spend an additional $ 2 billion on AfCFTA-related infrastructure to further deepen regional integration. “

Mr. Adesina further explained that the AfDB is driving its industrialization strategy to support value chains and help Africa strengthen its manufacturing capacities.

Mr. Adesina, who served as Nigerian Minister of Agriculture between 2011 and 2015, added that the AfDB is investing in the pharmaceutical industry and work on textiles and clothing supported by his private sector group.

READ ALSO : $ 430 million Enugu-Cameroon highway project to be completed this year – AfDB

“We are supporting the development of special agro-industrial processing zones that will allow African countries to industrialize their agriculture and add value to every product they produce,” he said.

“Regional value chains well supported by infrastructure and which will allow Africa to free up its capacities in all these areas. “

The AfCFTA is a trade agreement aimed at creating a single market for the movement of capital, goods, people and investments in order to deepen economic integration across Africa.

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