AFRICAN DEVELOPMENT BANK

AFRICAN DEVELOPMENT BANK

African Development Bank is set to mobilize funds for infrastructure development, to bridge an estimated funding gap of one hundred and thirty to one hundred and seventy billion dollars a year.

According to a statement by the apex African bank, this will formally take off at a planned Africa investment forum in Johannesburg, South Africa.

The statement stated that it is a prelude to the AFDB president’s, Dr. Akinwumi Adesina compelling case for accelerating Africa’s industrialization in order to create jobs, reduce poverty and promote inclusive economic growth.

Noting that economic diversification is key to resolving many of the continent’s difficulties, he urged African governments to encourage a shift toward labor-intensive industries, especially in rural areas where seventy percent of the continent’s population resides.