Ministerial Round Table-Sustaining infrastructure investments will lead to rapid resolution of crisis, says Bank Group President, Donald Kaberuka
Dakar, May 12, 2009 – A rapid resolution of the current financial crisis will be possible if, among other things, investments in infrastructure are accelerated, the African Development Bank (AfDB) Group President, Donald Kaberuka, has said at the opening of the ministerial round-table which was held on the theme: “Africa and the Financial Crisis: An Agenda for Action”, on May 12, 2009, on the sidelines of the AfDB Annual Meetings.
“A quick recovery from the crisis will depend on many factors: the extent of damage to macro-economic stability, the investment climate and progress on infrastructure. In particular, maintaining the pace of infrastructure development at this time in the face of lower private investment and tight government revenue will be critical for a speedy recovery.,” said Mr. Kaberuka.
In the current context, Mr. Kaberuka urged African countries to speed up progress in the area of governance to better position themselves for a possible recovery.
He recalled that the AfDB had responded promptly to the financial and economic crisis by making Africa’s voice heard at international decision-making bodies, including the G-20 Summit; and by scaling up its cooperation with other multilateral development banks in order to pool more resources for countries facing challenges.
“There is no doubt that the impact of the financial crisis on Africa constitutes a major setback. Our firm belief is that the loing-term economic prospects for Africa are strong, provided we respond to the current crisis in a coordinated way, while remaining focuxsed on the long-term needs.”