The President of African Development Bank (AfDB), Dr Akinwumi Adesina, said that the Bank, 2017, achieved its highest annual disbursement ever of 7.67 billion dollars on supports.
Adesina said this in a statement made available to our reporter on Thursday in Abuja.
He said that the Bank would continue to support African countries in ensuring stronger macroeconomic policies.
“The Bank achieved its highest annual disbursement ever in its history, at 7.67 billion dollars.
“Our investment in the energy sector in 2017 covered 31 operations in 23 countries and totaled 1.39 billion dollars, representing a 30 per cent increase over 2016.
” In 2017, the Bank maintained its AAA rating with stable outlook by all four global rating agencies.
“The Bank’s AAA stable outlook rating is underpinned by sound financial and risk management policies, excellent liquidity and strong shareholder support,” Adesina said.
He said that the Bank was working hard to be more efficient and become impact driven organisation; one that accelerated Africa’s development, holding itself to a higher standard of performance.
The president said that it was only when the Bank became performance driven that it could meet Africa’s expectations.
Adesina assured that the Bank intended to score a lot more development goals for Africa, adding that there was need for greater alignment, performance and accountability for results.
He said that the Bank launched its largest bond transaction with 2.5 billion dollars three-year global benchmark followed by its largest ever five-year global benchmark for 2 billion dollars.
According to him, the Bank continues to grow its income solidly, reversing its declining income when he started two years ago.
He said that the net operating income of the Bank had declined from 589.3 million dollars in 2014 to 492.7 million dollars in 2015, when he took over, adding that ever since there had been a rapid turnaround.
“In 2016, the net operating income rose to 556.6 million dollars and shot up to 855 million dollars in 2017, an increase of almost 54 per cent over 2016.
” To put things in context, this is also a 73 per cent increase over where we were in 2015.
“The Bank is mobilising more resources for Africa. In 2017, we mobilised 9.73 billion dollars from the capital markets for African countries including 300 million dollars from the enhanced private sector facility for Africa.
“I am delighted that in 2017, the Bank helped leverage 6 billion dollars for the landmark Japan-Africa Energy Financing Facility.
“This will help accelerate efforts to light up and power Africa,” Adesina said.
He said that the Bank was doing a lot on “Light Up and Power Africa agenda”, adding that in 2017 it invested 1.39 billion dollars.
He added that the aim was to improve access to electricity to help generate an additional 1,400 MW of power and connect 3.8 million persons to electricity.
On renewable engergy, the president said that the Bank was leading, adding that when he assumed office, the share of renewable energy in the Bank total power portfolio was just 14 per cent.
“However, we increased that to 74 per cent in 2016 and in 2017; we achieved a record-breaking 100 per cent of our new lending in renewable energy.
