The Africa Development Bank on Africa Industrialization Day 2020, at the forefront of promoting smart industrial policies and financing infrastructure development financing for Africa, is urging the continent to accelerate industrialization for the transformation of African economies.
The African Development Bank regards Industrializing Africa as one of its key strategic objectives of 5, which is critical for the transformation of African economies.
“Industrialization, where we add value to what we produce competitively and then export, and also trade among themselves on the AfCFTA within a market of 1.3 billion people, must be prioritized and delivered,” said Solomon Quaynor, the vice- President of the Bank, said. , Private sector, infrastructure and industrialization, in a message in celebration of the African Industrialization Day.
Quaynor stressed that the COVID-19 pandemic has sharpened the need to accelerate industrialization and spurred a greater role for the private sector, including as a partner for the public sector.
“Resilience is key, and it means that regardless of the external shocks in the future, we need to rebuild so that our people, especially young people and women who run our households, have jobs and better incomes,” he said. .
The Bank continues to support the operationalization of the African Continental Free Trade Area (AfCFTA). In August 2019, the agency extended a $ 4.8 million grant to support the establishment of the AfCFTA Secretariat in Ghana.
The Bank is working with African countries to develop strategies for implementing the AfCFTA, which will help them build capacity and seize opportunities that offer freer trade.
According to the Bank’s 2020 Annual Development Effectiveness Review (ADER) released this week, businesses can trade across borders, the industry can expand, economies can diversify and countries can move up the value chain.
The report indicates that the investment of the Bank in 2019 benefited one million people. Micro, small and medium-sized enterprises (MSMEs) benefiting from Banking projects have doubled their turnover to $ 1 billion.
Several recently approved projects by the Bank are expected to help regional member states seize opportunities, including the construction and operation of a submarine Internet cable in Seychelles and a project to access finance for small and medium-sized businesses in the West. To expand Africa. noticed.
The African Development Bank also promotes the development of economic zones that bring together an empowering business environment, backbone integrated infrastructure and transport close to agricultural production hubs.
“Agro-industrial processing zones are aimed at training young people in rural areas with the necessary skills and attracting businesses, especially small and medium-sized enterprises,” said Atsuko Toda, director of banking, agricultural finance and rural development. .
The pandemic also created opportunities for Africa to strengthen local manufacturing capacity for basic and essential medicines, personal protective equipment and other medical equipment.
“The bank is undertaking a groundbreaking study to develop a plan for this, which will be ready before the end of the year. The plan will highlight the opportunities, challenges, policy reforms, financing windows and strategic partnerships that need to be forged. it’s happening, “said Abdu Mukhtar, director of industrial and trade development at the African Development Bank.
Africa Industrialization Day is celebrated every year on 20 November, and provides governments and development partners with opportunities to explore or highlight initiatives that promote the industrialization of Africa. The theme for 2020 is Inclusive and sustainable industrialization in the AfCFTA era.
Emeka Anuforo, Department of Communications and External Relations, African Development Bank, e-mail: email@example.com