The African Development Bank’s support for Côte d’Ivoire rose from $460 million in 2015 to $3.1 billion in 2023.

AfDB president Akinwumi Adesina said in a statement on Friday that the bank’s support to its home country increased by more than fivefold since 2015.

Mr Adesina said this at a diplomatic luncheon he hosted for ambassadors in Abidjan.

“Last year, the board of directors approved 159 operations worth $10 billion for countries, the second-highest level of financing in the bank’s history.

“You can see the result right here in Abidjan with the construction of the fourth bridge, which was financed by the AfDB.

“Indeed, our support to our host country, Cote d’Ivoire, has increased by more than fivefold since 2015 when I was elected president. Rising from $460 million in 2015 to $3.1 billion in 2023,” he said.

Mr Adesina said the impact of the bank’s High5s initiative was being felt across Africa.

“In the past seven years, the operations of the bank have impacted directly on the lives of 400 million people,” he said.

According to the AfDB president, the bank provided financing of over 44 billion in support of infrastructure on the continent within that period.

Adesina said this made the bank the largest multilateral infrastructure financier in Africa.

He said, “I was delighted to be in The Gambia last month to see the impressive and historic Senegambia bridge. The bridge now links Gambia and Senegal, rapidly cutting travel times and expanding trade and the movement of people.

“The bank will be supporting, with $500 million, the development of the Lobito Corridor that will link Angola, Zambia, and the Democratic Republic of Congo. This will be done in close partnership with the United States Development Finance Corporation and the Africa Finance Corporation.”

According to Mr Adesina, the bank, in partnership with Africa50, is supporting the construction of the road and rail project to link the Republic of Congo and the Democratic Republic of Congo.

He said two months ago, the bank provided $696 million in partial credit guarantee to unlock $3.9 billion for constructing the Central Corridor standard gauge railway.

He said the corridor would connect Tanzania, Burundi, and the Democratic Republic of Congo.

Mr Adesina said the Russian war in Ukraine posed significant risks to food insecurity in Africa due to the continent’s high dependence on imports of wheat and maize from both countries.

He said the AfDB moved swiftly, and its board of directors approved $1.5 billion for an Africa Emergency Food Production Facility. The AfDB boss said the aim was to support 20 million farmers in producing 38 million metric tonnes of food worth $12 billion.

He said the bank moved beyond the emergency operation to ensure long-term food security.

(NAN)