Stakeholders Laud AfDB’s Good Performance
Stakeholders praised the Bank for posting excellent 2012 operations results, maintaining its triple“A” ratings and for developing a Ten-Year Strategy which seeks to promote inclusive and green growth, despite the global economic and financial crisis that have affected many countries and institutions.
“I should like to extend my warmest congratulations to the Board of Directors of the African Development Bank Group, its President and the entire staff on the encouraging results they have achieved, despite regional and international circumstances,” King Mohammed VI said in a message read by his adviser, Omar Kabbaj.
The King urged the Bank to continue its good work “because Africa needs, more than ever, a financially strong and credible institution that can not only provide support to recipient countries at any time, but also adapts to changing needs which vary from one country to another.”
He called for a generous contribution to the African Development Fund’s (ADF) XIII replenishment in June, noting that this would give the Bank the means it needs to expand its activities, especially in low-income countries.
AfDB President Donald Kaberuka said that nearly all member countries had fully settled their recent general capital increase and acknowledged the stellar performance of the last three ADF replenishments.
“As we look to concluding the 13th ADF replenishment, let us work together to make the Fund even stronger. The Fund has proven its worth. Its track record is a very credible one. From the fragile states with particular needs, to regional integration, to leveraging the private sector, the Fund has done a remarkable job.”
He said that Australia and Libya were working to join the Fund, and that the Bank would explore ways of contributing more to the Fund.
The ADF is the concessional window of the African Development Bank Group established in 1972, funded by 26 OECD and other developed countries. It provides interest free loans to some 40 low-income countries to help the Bank accomplish its mission to promote the economic development and social progress of African countries.
President Kaberuka said that Fund had performed extremely well, adding that through the Fund’s US $600 million Fragile State Facility, the Bank was able to do its utmost to support recovery of the affected countries.
Fragile states will benefit from the Bank’s Ten-Year (2013-2022) Strategy which the Board of Governors are expected to approve at the Annual Meetings. It is designed to achieve inclusive and green growth.
“It is a strategy that targets not simply impressive growth in GDP terms, but a growth that creates jobs, and builds trust, hope, and thereby sustainability. Economic growth that is socially fair as well as environmentally sustainable,” President Kaberuka told the session.
Negotiations for the 12th ADF replenishment were concluded in October 2010, to the tune of US $9 billion (UA 6.1 billion) for 2011-2013.