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The African Development Bank Affirms its Strong Commitment to the Development of the Horn of Africa
On 27th October 2014 the African Development Bank (AfDB) joins the United Nations Secretary General, Ban Ki-moon, the African Union, the World Bank, the European Union and Islamic Development Bank in a 4-day visit to the Horn of Africa. At the start of the visit in Addis Ababa, Ethiopia, the AfDB pledged a new $1.8 billion development assistance package for the next 3 years 2015-2017.
After Ethiopia, the Heads of the institutions and representatives will visit Djibouti, Somalia and Kenya where they will hold talks with the countries’ leaders.
In addition to the pledged financial package, the AfDB current portfolio stands at $ 5.5 billion in the eight countries of the Horn of Africa, of which about $ 1.5 billion is undisbursed.
The bulk of these resources have been strategically channeled into infrastructure development, financial and private sector development, as well as strengthening governance for enhanced public service delivery.
In 2012, the AfDB initiated the Drought Resilience and Sustainable Livelihoods program, a historic project focusing on water and natural resources development and management; livestock infrastructure and market access; and strengthening community and institutional capacity. Under this program, 93% of the $ 300 million pledged resources will be approved by end of October 2014, thereby restoring hope to millions of disadvantaged communities in the Horn of Africa region.
Within the context of the AfDB’s Ten-Year Strategy (2013–2022), special emphasis is being placed on assisting Regional Member Countries affected by conflict and fragility. The need for a special focus on fragile situations emerged out of the realization that without peace and stability there cannot be any meaningful development.
In joining other development institutions, the AfDB acknowledges that “a coordinated partnership, under the leadership of the countries, is required to achieve progress”, as stated by President Dr. Kaberuka and conveyed by his Special Advisor, Mr. Youssouf Ouedraogo.