AFDB plans support for regional integration among Africa countries with investment in infrastructure, industrialisation and trade.
African Development Bank (AFDB) has announce plans to support African countries towards achieving deeper regional integration. This will be through investment in regional infrastructure development, industrialisation and trade.
Speaking during the 54th AFDB Annual Meetings conference in Equatorial Guinean capital Malabo, AFDB President, Akinwumi Adesina made the commitment.
AFBD President Akinwumi Adesina said “Massive investments in regional infrastructure and industrialization. Trade remain our key priorities towards stronger and deeper regional and Africa integration.”
According to him, ”If there is regional integration, Africa would become competitive, industrialize better. It will also be able to create massive amount of jobs for youth.”
The Annual Meetings give us an opportunity to showcase why integration is so important for #Africa’s development. 3 days ahead of the #AfDBAM2019 – check out our Regional Integration Strategy framework 👉🏿 https://t.co/4WOPlIvwBz pic.twitter.com/H90mjJ0NCX
— African Development Bank Group (@AfDB_Group) June 8, 2019
Adesina further said that AfDB is investing heavily in infrastructure-roads, power transmission lines, pipelines and communications networks, private sector development and industrialization.
Integration is vital for Africa development as Africa currently have a regional integration of just 18%. While Europe’s regional integration is at 70% and Asia stands at 60%.
Equatorial Guinea Finance Minister, Cesar A. Mba Abogo said ‘Regional integration is an ideal that we also aspire to. An integrated Africa is a better Africa for all.”
The 54th AFDB Annual Meetings which is a five-day event will convene close to 3,000 participants from across Africa. It will also include African heads of state and government, finance ministers, central bank governors, policy makers, civil society organisations.