African Development Bank (AfDB) said it approved $8.2 billion to support Nigeria and other countries last year.
In its 2022 Annual Report, the bank said the support was significantly higher than in the previous two years $6.3 billion in 2021 and $6.0 billion in 2020 and getting closer to the 2019 level of $10.1 billion, thus almost reversing the impact of the COVID-19 pandemic on recent years’ approvals.

“Amid multiple global shocks, the [African Development] Bank once again demonstrated its unwavering commitment to African countries through targeted actions tailored to strengthening resilience across the continent,” AfDB President Akinwumi Adesina said in the foreword to the report.

The bank observed that Africa saw its real gross domestic product growth slow to 3.8 per cent in 2022, down from 4.8 per cent in 2021. The report attributed this to inflation, rising fuel prices and rising geopolitical tensions.

“The lingering effects of the COVID-19 pandemic, the growing impact of climate change, and adverse weather also played a role in slowing down gross domestic product(GDP) growth.

The bank said it responded to the continent’s food crisis and the supply disruptions of critical inputs for food production by establishing the $1.5 billion African Emergency Food Production Facility to raise the production of several essential food staples, and provide fertilizer and extension services.

In a significant boost to gender equality in 2022, according to the report, the Bank cumulative support to women-owned small-and-medium-sized enterprises (SMEs) across 27 countries, and through 56 financial institutions reached S$1 billion in approved lending.

The bank said the replenishment of the African Development Fund (ADF), the Bank Group’s concessional lending window to low-income countries recorded $8.9 billion commitment. Included in this the bank noted was $429 million for the Climate Action Window, established to mobilize resources to support climate adaptation actions in ADF countries.

SOURCE: THENATION