Economic Community of West African States (ECOWAS) revealed that growth within the region hit 3.3 percent through investments by the African Development Bank (AfDB) which rose to $20 billion in 2019.
During the bloc’s fifty-sixth ordinary session of the Authority of Heads of State and Government of ECOWAS, Jean-Claude Kassi Brou, ECOWAS President said that “despite facing significant challenges, particularly with regards to security, ECOWAS member states have demonstrated remarkable resilience.” with the region’s economy reaching 3.3 percent growth in 2019.
Brou recognised that the AfDB provided “invaluable technical and financial interventions in the implementation of numerous projects and programmes.” across its 15 member states.
President of the African Development Bank Akinwunmi Adesina affirmed that the bank’s current portfolio of investments in West Africa is at $20 billion, with a strong focus on critical sectors. Adesina added that the bank “has always been there at the right time, with the right product, for the right needs of countries.” across Africa.
Adesina further stated that some of the investments made by the AfDB to ECOWAS member states includes “where the bank helped Nigeria provide $600 million of budget support that helped it get out of recession.” He accounted that just last week, the bank provided “$280 million to support social investments in Côte d’Ivoire.”
Similarly, other investments in the region include $96 million for the new landmark “Senegambia Bridge” which now serves as a link between the Gambia and Senegal. $2.6 billion investment for the development of the Accra Sky Train, $130 million for Air Côte d’Ivoire to acquire a new aircraft fleet and $120 million for the new Terminal 3 of Kotoka International Airport in Ghana amongst others.
With all these successful investments made to West Africa by the AfDB under the leadership of Akinwunmi Adesina, the ECOWAS board last week has endorsed Adesina in his bid for a second term at the helm of the institution.
“In recognition of the sterling performance of Dr. Akinwumi Adesina during his first term of office as President of the African Development Bank, the Authority endorses his candidacy for a second term as the President of the bank,” ECOWAS announced.
With the success of a second term in view for Adesina, ECOWAS believes that more tangible investments will be introduced into the region, thus aiding the overall growth of economies amongst its 15 member states.
The post ECOWAS records 3.3% growth with $20 billion investment from AfDB in 2019 appeared first on Ventures Africa.
from Ventures Africa https://ift.tt/2ERUmuB
via IFTTT
