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African Development Bank President Donald Kaberuka says development is not something to do once the other problems have been solved because it is part of the solution to today’s economic woes.
Speaking before an audience of 150 at an event hosted by the Society for International Development at the Dutch Institute of International Studies on Thursday, March 7, Kaberuka stressed that the way out of the current economic crisis is through growth, which is to be found in the emerging markets of Africa.
He added that official development assistance (ODA) is not the solution, but trade is. ODA is a helpful but small part of development and should be used to leverage other sources of funding.
He also insisted that building infrastructure was essential to create the foundations for economic growth in Africa. “Where a woman needs power to operate her small kiosk, there we need electricity,” he said. “And where farmers lose 40 per cent of their harvest trying to bring goods to market, there we need roads.”