AfDB, World Bank developing a shared dynamic: Makhtar Diop

22/05/2014
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Africa is at a crossroads. In 50 years, the African Development Bank has become a leading player in development. On the occasion of his participation in the AfDB Annual Meetings in Kigali, World Bank Vice-President Makhtar Diop hailed Africa's strong performance under the leadership of the AfDB over past decades. Diop also praised relations between his institution and the AfDB. "I am happy about the cooperation between the AfDB and the World Bank, in the convergence of our development activities and policies for this continent," he said. "We are developing in a shared dynamic."

On Tuesday, May 20 at the AfBD Annual Meetings in Kigali, Diop co-chaired a discussion with AfDB President Donald Kaberuka on the perception of risk in Africa (“Reducing the Perceived Riskiness of Investing in Africa’s Infrastructure”), during which the issue was to inform private sector representatives and investors about the good performance of African economies and the need to invest massively in the continent. "With them, we identified approaches and quantified risks. For our governments, the issue is, among others, to set up effective, credible governance tools.”

Diop, a Senegalese national, said he was optimistic about Africa, which has risen to the major economic challenges of recent decades. "Now with a half-century behind us, we need to think about the future. The continent's economic and social prospects have improved and Africans have solid grounds for hope."

"These AfDB Annual Meetings are also a time for reflection on what remains to be done differently for the continent's true emergence, with the people benefiting from the fruits of shared growth."

Regarding the role of the World Bank in financing the private sector in Africa, Diop noted that in the past many countries made economic, political and ideological choices which affected the emergence of development in this sector. Relationships between these countries and the World Bank are among the most flexible with regard to private sector financing. "We are now in a dynamic whereby African policymakers readily accept our macro-economic policies. The roles of the public and private sectors no longer need to be demonstrated. They are fundamental to one another."