African leaders applaud AfDB’s financial results

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The African Finance and Economic Ministers have commended the continental financial institution, the African Development Bank (AfDB), for posting impressive financial results despite the challenging global environment, a communique released on Tuesday has said.

The commendation is contained in a communique issued at the end of the bank’s 50th Annual Meetings and the 41st meetings of the African Development Fund (ADF) closed on Friday, May 29, in Abidjan, Côte d’Ivoire.

It stated the governors, usually Finance and Economy Ministers representing 54 regional and 26 non-regional member countries, adopted the bank’s 2014 annual report, 2015 work programme and other initiatives.

“During the meetings, the Governors, usually Finance and Economy Ministers representing 54 regional and 26 non-regional member countries of the Bank Group adopted its 2014 annual report and 2015 work programme as well as a number of initiatives.

“We applaud the Bank Group for its leadership on and quick response to the Ebola hemorrhagic fever epidemic in parts of West Africa, in particular the rapid mobilisation of emergency funding to support treatment and containment,” the communiqué read in part.

The meeting also endorse the statements made at the bank President’s dialogue with governors.

“We commend the bank for the progress made in implementing the Ten Year Strategy (TYS) and noted that the strategy approved two years ago, represented an effective approach to help the continent achieve sustainable development goals.

“We also thanked the Côte d’Ivoire and Tunisian Governments for the support they provided towards the successful implementation of the Roadmap for the Bank’s return to its headquarters.

“The fact that the bank exceeded its lending targets at a time of relocating, demonstrates the resilience of the organisation and its staff.

“We believe that it is important that the bank work with client countries to develop similar resilience,” it added.

The statement also urged the bank pay more attention to poverty reduction, inclusive and sustainable growth as well as continued focus on financial inclusion.

The communiqué wanted the bank to be a top rated organisation for which it is critical that it attract and retain talented staff.

It added that increased delegations of authority together with improved performance are measures that the bank should actively implement.

“We also strongly support the innovative sovereign exposure exchange and urge management to conclude this transaction expeditiously,’’ the 19-point communique stated.

The governors also welcomed the solid financial standing of the Bank Group and the “unqualified opinion of the bank’s external auditors” on the financial statements ending Dec. 31, 2014.

The communiqué also welcomed the good financial results despite the difficult circumstances and environment faced by the bank.

It congratulated the bank group for successfully returning its operations to the statutory Headquarters in Abidjan, Côte d’Ivoire after 11 years at the Temporary Relocation Agency in Tunis, Tunisia.

Presidents Alassane Ouattara of Côte d’Ivoire, Ellen Johnson Sirleaf of Liberia, Mahamadou Issoufou of Niger, Filipe Nyusi of Mozambique, and Ali Bongo Ondimba of Gabon were among some 4,520 participants at the meetings.

Others comprised representatives of multilateral finance institutions, development agencies, private-sector chief executives, non-governmental and civil society organisations as well as the media.

Outgoing President, Donald Kaberuka, who was the meetings’ “Chief Host-of-Honour,” received a standing ovation and commendations from participants throughout the meetings.

His successor, Akinwumi Adesina, described Kaberuka as one of Africa’s outstanding leaders and promised to sustain his legacy by leveraging on his vision to achieve an economically integrated and prosperous continent.

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