Highlights of AfDB's President Statement During the 2010 Annual Meetings Opening Ceremony
"Strong recovery – staying power – Reforms have worked”
However, beginning around the third quarter of the year, driven by renewed growth in large emerging countries, commodity prices rebounded and strengthened.
“A much Improved Outlook”
While statistics are subject to frequent revision, the outlook for 2010 and beyond is much improved. Economic growth prospects will hover around 4½ in 2010, and perhaps one percentage point higher in 2011.
“The Bank Responded”
In the face of the successive turbulences, you called upon us to come forward with a countercyclical response. We did. This is what you expected from us. We played our part, more than doubling our operations in 2009. By the end of the year 2009, we had delivered support equal to 12.6 billion US dollars compared to 5.5 billion in the previous year.
“A Strong, Healthy Bank”
The Bank was able to react swiftly, because of its growing effectiveness. « Une Banque solide et saine »
“Robust financial position”
A Bank which continues to enjoy its AAA rating from all major rating institutions.
"A Growing Portfolio and Lower Risk Profile”
- The portfolio of the ADB window has doubled from an 8½ billion dollars to 15.6 billion, in four years
Today, as you consider to triple the capital base, we are aware that you do so,
That implies a measurement framework that allows us to determine how effective we are as an organization.
“Anti Corruption Measures”
Getting results on the ground also mean that we are constantly vigilant, in combating corruption in the projects we finance.
“Keep the ADF Strong” “Component of the GCI”
The majority of the countries in this room still depend entirely on the African Development Fund (ADF). It is a vital and essential complement to the Gross Capital Increase..
“A focused Bank”
That panel, spelt out forcefully, the case for a strong African Development Bank. It argued for a strategically focused Bank.
“The Large Infrastructure Deficit”
Infrastructure of all types now account for 52 percent of our portfolio. In response to power outages and the energy shortage in many countries, we have given particular attention to energy which accounts for 57 percent of the infrastructure outlays.
“Strengthening risk Management for a Growing Portfolio”
We are conscious of the fact that a growing portfolio requires even stronger risk management.
"A Growing Private Sector Arm”
Our private sector lending, has continued to expand with total annual lending in 2009 at 1.8 billion dollars, compared to just under 400 million dollars four years.
Incontestably one of the most visible successes of the Bank has been the initiative on fragile states, from arrears clearance in Côte d’Ivoire and Togo
“Selectivity is not Neglect”
You will be right to ask yourselves whether in increasing focus, other key sectors have not been neglected.
“Africa’s Internal Market”
This is the youngest continent, the fastest urbanizing continent. That means an opportunity. But it is also a challenge. This is the youngest continent, the fastest urbanizing continent.
The African Development Bank has, at all times, been a major player in agriculture, even when other partners downsized their portfolios.
The pipeline of clean energy projects is long and growing, hydro, wind, solar, even geothermal.
“The Bank has come a Long Way”
The ADB was born with a capital of 250 million US dollars; if the Gross Capital Increase-VI is approved it will be almost a 100 billion US dollar Bank.