Naija247news reports that Dr. Akinwumi Adesina, President of the African Development Bank (AfDB), has called for a paradigm shift in Africa’s development strategy, urging the continent to move beyond traditional aid and embrace concessional financing to drive sustainable growth. Adesina made the remarks during a high-level panel discussion at the Africa Investment Forum in Marrakech, Morocco, where he emphasized the need for innovative financing mechanisms to address Africa’s infrastructure and economic challenges.
Thank you for reading this post, don't forget to subscribe!According to Naija247news, Adesina highlighted the limitations of aid, describing it as insufficient to meet the continent’s growing needs. “Africa must move beyond aid to concessional financing, which offers more sustainable and impactful solutions for development,” he stated. The AfDB president noted that concessional financing, which provides loans at lower interest rates and longer repayment periods, is critical for funding large-scale projects in energy, transport, and healthcare.
Naija247news gathered that Adesina’s call comes amid rising concerns over Africa’s increasing debt burden and its reliance on external aid. He argued that concessional financing, when combined with robust governance and transparent policies, can unlock Africa’s potential and reduce dependency on foreign assistance. “We need to leverage concessional financing to build resilient economies and create opportunities for our youth,” Adesina added.
Naija247news understands that the AfDB has been at the forefront of promoting concessional financing in Africa. Under Adesina’s leadership, the bank has mobilized billions of dollars for infrastructure projects, including the Desert-to-Power initiative, which aims to provide electricity to 250 million people across the Sahel region. The bank has also championed the African Investment Forum as a platform to attract private sector investment and bridge the continent’s financing gap.
According to Naija247news, Adesina’s message resonated with other panelists, who echoed the need for Africa to take charge of its development agenda. “The era of aid dependency is over. Africa must harness its resources and partnerships to build a prosperous future,” said one participant. The forum also saw the announcement of several multi-billion-dollar deals aimed at boosting Africa’s infrastructure and industrial capacity.
Naija247news reports that Adesina’s vision aligns with the African Union’s Agenda 2063, which seeks to transform the continent into a global powerhouse. As Africa grapples with challenges such as climate change, population growth, and economic inequality, Adesina’s call for concessional financing offers a roadmap for sustainable development. “Africa’s time is now. We must seize the moment and invest in our future,” he concluded.
