AFRICA – The African Development Bank (AfDB) is set to spend a sum of US$2 billion in the next 3 years to support infrastructure development which will boost the African Continental Free Trade Area (AfCFTA).
“You cannot trade if there is no infrastructure to trade; roads, rails, ports, highways. Those are the things the AfDB has been doing. We did not wait for the AfCFTA. In the next two years we expect to spend an additional US$2 billion on AfCFTA related infrastructure to further deepen regional integration,” he said.
He added that the AfCFTA must be an industrialised and manufacturing zone for high valued manufactured products for wealth creation, stating that the AfDB would drive its industrialisation strategy to support value chains and help Africa build its manufacturing capacity.
Dr Akinwumi Adesina – President, AfDB
“We are supporting the development of the special agro-industrial processing zones that will allow African countries to industrialise their agriculture and add value to every product they produce.
“That made it possible for that regional integration to happen. The work of the bank is at the core of driving regional integration for Africa. AfDB was set up to drive regional integration and we have been doing that since 1964. We are working towards a common market eventually,” he said.