$45bn contributed to African Development Fund in 50 years

The African Development Bank (AfDB) is gearing up for its annual meetings to address key challenges facing Africa, from climate resilience to the impact of rising food and commodity prices. Vincent Nmehielle, the Secretary-General of the AfDB, shed light on the expectations ahead of the meetings in an exclusive interview with CNBC Africa. The annual meetings are a critical statutory obligation entrenched in the founding articles of the bank, necessitating the convening of the bank group's governors every year. These meetings serve as a pivotal moment for shareholders to reflect on the bank's performance in the preceding year and make crucial decisions to sustain its mission as the premier development finance institution for Africa. The agenda for this year's meetings is centered on achieving climate resilience and fostering a just energy transition, crucial issues in the wake of the ongoing pandemic and global crises affecting the continent. Nmehielle highlighted the bank's historical role in supporting Africa's development through financial instruments and grants, particularly during challenging times like the COVID-19 pandemic and the current food crisis induced by the conflict in Ukraine. The AfDB is actively collaborating with its board of directors to devise strategies to mitigate the effects of these crises on African countries and ensure continued support for their development needs. As the meetings approach, discussions will revolve around the bank's progress over the years and its commitment to meeting the evolving challenges faced by African nations. Nmehielle emphasized the importance of leveraging technology in agriculture to enhance climate resilience and improve food security on the continent. The AfDB's 50th anniversary will also be commemorated during the annual meetings, showcasing the vital contributions of donors who have collectively provided $45 billion to the African Development Fund over the past five decades. While this funding has been instrumental in driving progress across Africa, Nmehielle acknowledged that more resources are needed to address the burgeoning development needs of the continent. The AfDB is exploring avenues to diversify funding sources for the African Development Fund, including replenishment sessions to raise additional funds and efforts to leverage the market for financial resources. Despite the challenges posed by limited funding, the AfDB remains committed to supporting African countries in their development journey, aiming to drive sustainable growth and resilience across the continent.