The African Development Bank (ADB), under the leadership of its outgoing President Akinwumi Adesina, is playing a pivotal role in driving economic growth in various African countries, including Uganda.
In recognition of his efforts to transform African economies, Kenyan President William Samoei Ruto today conferred the country’s highest honour, Chief of the Order of the Golden Heart CGH, on Adesina.
“He transformed the African Development Bank into a globally recognized institution for financial innovation and development impact and under his leadership, the Bank’s general capital grew from USD 93 billion to USD 318 billion,” Ruto said at the ceremony.
In his acceptance speech, Adesina said: “I am greatly humbled by your incredible kindness! What a great honour! What a rare privilege! What a historic recognition!”
Adesina also spoke about Kenya’s special place in the history of the Bank since its establishment in 1964, noting that since then, ADB has financed a total of 167 projects in Kenya, with financial commitment of USD7.8 billion.
Under Adesina’s leadership, the ADB has undergone significant transformations, emerging as a globally recognized institution for financial innovation and development impact. The Bank’s general capital has grown from USD 93 billion to USD 318 billion, a testament to Adesina’s visionary leadership.
The ADB has been instrumental in financing various projects across Africa, including 167 projects in Kenya with a financial commitment of USD7.8 billion.
In Uganda, the Bank has supported several initiatives aimed at promoting economic growth and development.
Some of the key areas where the ADB is driving economic growth in Africa include:
Infrastructure Development
The Bank is investing heavily in infrastructure projects, such as roads, bridges, and energy systems, to improve connectivity and facilitate trade.
Agricultural Development
The ADB is supporting initiatives aimed at improving agricultural productivity and promoting food security.
Private Sector Development
The Bank is working to promote private sector growth by providing financing and technical assistance to businesses.
Regional Integration
The ADB is supporting efforts to promote regional integration, including the African Continental Free Trade Area (AfCFTA) agreement. Adesina’s leadership has been instrumental in driving these initiatives forward.
His vision for a prosperous and integrated Africa is reflected in the Bank’s strategic priorities, which are aligned with the African Union’s Agenda 2063 and the United Nations’ Sustainable Development Goals.
As Africa continues to face development challenges, the ADB under Adesina’s leadership remains committed to supporting the continent’s economic growth and development.
With its increased capital base and expanded mandate, the Bank is well-positioned to play a critical role in driving Africa’s economic transformation.