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· The African Development Bank (AfDB) urged the continent to accelerate industrialization for the transformation of African economies. This exhortation has coincided with the celebrations on Africa Industrialization Day 2020
· Industrializing Africa as one of its high-5 key strategic aims, critical for the transformation of African economies, the Bank said in a statement issued, adding that the countries in Africa should competitively produce, value add and then export
· It also added that the COVID-19 pandemic had sharpened the need to accelerate industrialization and urged a greater role for the private sector, including as a partner to the public sector
The African Development Bank (AfDB) urged the continent to accelerate industrialization for the transformation of African economies. This exhortation has coincided with the celebrations on Africa Industrialization Day 2020.
Industrializing Africa as one of its high-5 key strategic aims, critical for the transformation of African economies, the Bank said in a statement issued, adding that the countries in Africa should competitively produce, value add and then export. It also added that
the COVID-19 pandemic had sharpened the need to accelerate industrialization and urged a greater role for the private sector, including as a partner to the public sector.
The Bank continues to support operationalization of the African Continental Free Trade Area (AfCFTA), for which it had extended a US$ 4.8 million grant to support the establishment in Ghana the AfCFTA Secretariat in August 2019. The Bank is developing strategies for implementation of the AfCFTA by the individual countries to build capacity and leverage opportunities for freer trade.
The Bank’s investments in 2019 benefited one million people. Micro, small and medium enterprises (MSMEs) that benefited from Bank projects trebled their turnover to US$1 billion. The African Development Bank is creating an enabling business environment, backbone integrated infrastructure and transport near to agricultural production hubs to help value addition and effective marketing both within the continent and beyond. The pandemic also stirred up opportunities for proliferation of SMEs in many areas including manufacturing, healthcare and essential medicines and healthcare products. The Bank
has commissioned various studies to develop a plan for mapping and tapping opportunities and a range of partnerships to promote industrialization in the continent.
