Remarks by Dr. Akinwumi A. Adesina, President of the African Development Bank Group at the 5th Extraordinary Meeting of the Board of Governors, Abidjan, Côte d’Ivoire, Thursday, 31 October 2019

His Excellency, Mr. Alassane Ouattara, President of the Republic of Cote d’Ivoire

Her Excellency, Mme Niale Kaba, Minister of Planning and Development, Governor of the AfDB for Cote d’Ivoire, Chairperson of the Boards of Governors of the AfDB Group

Honorable Governors of the African Development Bank Group

His Excellency, Mr. Daniel Kablan Duncan, Vice President of the Republic of Cote d’Ivoire

His Excellency, Mr. Amadou Gon Coulibaly, Prime Minister of the Republic of Cote d’Ivoire

Honorable Heads of Institutions of the Republic of Cote d’Ivoire

Honorable Members of Government of the Republic of Cote d’Ivoire

Members of the Diplomatic Corps and Representatives of International Organizations accredited to the Republic of Cote d’Ivoire

Members of Parliament of the Republic of Cote d’Ivoire

Alternate Governors, Executive Directors, Alternate Executive Directors of the AfDB

Members of the AfDB Senior Management

Distinguished Guests,

Ladies and Gentlemen

 

Good morning to you all. And a very warm welcome!

I wish to specially thank H.E. President Alassane Ouattara for his incredible leadership, commitment and support in all matters that have to do with Africa and the African Development Bank Group.

Since the Bank returned to Abidjan in 2014, President Ouattara and his government, and the wonderful people of Côte d’Ivoire, have continued to be very generous and exceptional hosts.

Thank you so much, Mr President, for being with us and for hosting us in this beautiful city of Abidjan, our headquarters. We are here to stay- permanently!

Your presence here today demonstrates the very strong support and trust that the Bank enjoys for its work in the service of the continent.

Thank you, the Chair of the Board of Governors, Côte d’Ivoire Minister Kaba Niale, for all your great work and efforts to host the Governors and all of us at this historic extraordinary shareholders meeting.

Our gathering today is the culmination of two years of our collective reflection, collective dialogue, driven by our collective resolve to ensure that Africa’s economic progress is further accelerated.

As I look around, I am delighted to see you, our shareholders, around us. Your presence inspires us. Your support strengthens us. Your guidance lights our way on the mission you have given us.

This is an extraordinary meeting, of you, extraordinary shareholders!

Thank you all for being here!

As we gather, memories flash through my mind. Memories of how the African Development Bank was created; the dream of the founders. Memories of the daily yearnings and aspirations of those we serve; the people of Africa. Yes, memories about the huge responsibilities we carry to help Africa take giant leaps forward.

Côte d’Ivoire, our host country, under the vision and leadership of President Ouattara, has taken impressive and giant leaps forward. Today, Côte d’Ivoire is one of the world’s fastest growing economies.

Through the Bank’s support, it has built a lot of infrastructure. We have just provided support for the bold efforts of President Ouattara’s accelerated government social inclusion policy. And just last week, Côte d’Ivoire qualified to move to the ADB window of the Bank – the first time in the history of the Bank for a country to move from fragility to the non-concessional window. Impressive speed, extraordinary achievement!

Congratulations, President Ouattara, and congratulations to the government and people of Côte d’Ivoire!

It is this kind of rapid progress and success that we see in Africa that beckon and inspire the African Development Bank to do all possible to fast track Africa’s growth and development.

That is why two years ago in Busan, South Korea, at our Annual Meetings, we started a journey with you, our shareholders, to consider a General Capital Increase for the Bank.

As Governors, you gave the green light to the Governors Consultative Committee to initiate the discussions. The Governors Consultative Committee has since met four times: in Rome, in Washington DC, in Malabo and just recently, and finally, in Sharm El Sheikh, Egypt.

At every meeting, you listened, you challenged, you considered options, but never left us in doubt that you strongly support the Bank – that you strongly support our greater ambition for Africa.

The Chairs of our Governors’ Consultative Meetings,

• Governor Lucas Abaga Nchama, then Minister of Finance, Economy and Planning of Equatorial Guinea, captained the ship as we set sail from Rome.
• Governor Alamin Ousmane Mey of Cameroon navigated through the waters to Washington DC and handed over to
• Governor Cesar Augusto Mba Abogo of Equatorial Guinea at the Annual Meetings in Malabo, from where
• Governor Kaba Niale of Côte d’Ivoire navigated through the red sea at Sharm El Sheikh, to arrive at a consensus of shareholders on the level of the General Capital Increase, bringing the ship back home to Abidjan.

Our Board of Directors, their Advisors together with the Management of the Bank, have worked as one cohesive team, with one goal: to get us, together, to the final destination.

Today, we can see the lighthouse!

It is the gentle but strong waves of support from you, our shareholders, that have powered our hope, inspired our engagement and guided our ship to navigate to the shores of the African Development Bank Headquarters.

With your decision on the General Capital Increase, we will refuel. It is a historic moment, for a historic decision. Your final decision on the General Capital Increase will reverberate around the world. It will help us take a giant leap forward for Africa.

With your support over the past four years, the African Development Bank has delivered impactful results on the ground, through our High 5s: we have helped to connect:

• 16 million people to electricity;
• 70 million people with agricultural technologies for food security;
• 9 million people with access to finance through private sector investee companies;
• 55 million people with improved transport services; and
• 31 million people with access to water and sanitation.

We have maintained the AAA rating of the Bank, even when times were tough. Canada came up with $1.1 billion temporary callable capital. Sweden came up with $500 million additional temporary callable capital. All shareholders rallied around the Bank to ensure that discussions on the general capital increase progressed, positively. Your collective and relentless support steadied us.

Together, we have climbed the steep mountainside of Africa’s development, yet there is still some ways to go until we reach the mountaintop.

Your support will give us oxygen in our lungs to keep on climbing, until we reach the summit where we can, together, see the Africa we want.

An Africa that is fully prosperous;

• an Africa that is climate resilient;
• an Africa that is powered by green growth;
• an Africa that provides greater opportunities for women and its youth to thrive;
• an Africa that lifts up low income and fragile states to build resilience;
• an Africa with stronger economic governance.

With the General Capital Increase, we will be able to fully develop:

• the Desert to Power initiative that will provide access to energy for 250 million people all across the Sahel, in what will become the world’s largest solar zone.
• We will implement the Affirmative Finance Action for Women in Africa (AFAWA) to deliver $3 billion of new financing for women.
• We will double our climate finance to $25 billion by 2025.

We will support regional infrastructure to help make the African Continental Free Trade Area a reality.

• We will achieve the Lagos-Abidjan highway.
• We will support countries to establish Special Agro-industrial Processing Zones that process and add value to agricultural commodities.
• And with the Africa Investment Forum, we will drive more private investments to Africa.

There is so much to do ahead. To accomplish all that is ahead of us, we will drive even harder in order to be more fit for purpose.

We have listened to you on what we must do to further improve as an institution. You have our commitments in the policy matrix. But beyond the pages of paper, you have my own personal commitment, as President of the Bank, that we will deliver on all the policy commitments we made for the General Capital Increase. The Bank met all 36 of its commitments for the 6th General Capital Increase. It will be the same for the 7th General Capital Increase.

We will be much more sharply focused.

• We will ramp up on quality of operations.
• We will deepen engagement in fragile states.
• We will further boost private sector investments.
• We will do even more for climate finance. We will deliver more for women and the youth.

We will work in strategic partnerships, bilaterally and multilaterally, to address debt sustainability through enhanced policy dialogue.

And we will ensure that the General Capital Increase lifts all boats: low-income and middle-income countries.

We will keep on thriving, together.

Governors – our dear shareholders – you have been with us from the start. Now help us get across the finish line today, with a strong General Capital Increase.

Then, and with our eyes set on impact, we will hit the waves again tomorrow, full of greater determination, sailing from Abidjan, to continue the journey towards unlocking Africa’s full potential.

Then, you will hear a new song of millions of people across Africa: better at last, better at last, thank God our lives are better at last!

 

Thank you very much!