We value your privacy

We use cookies to enhance your browsing experience, serve personalized ads or content, and analyze our traffic. By clicking "Accept All", you consent to our use of cookies. Cookie Policy

Customize Consent Preferences

We use cookies to help you navigate efficiently and perform certain functions. You will find detailed information about all cookies under each consent category below.

The cookies that are categorized as "Necessary" are stored on your browser as they are essential for enabling the basic functionalities of the site. ... 

Always Active

Necessary cookies are required to enable the basic features of this site, such as providing secure log-in or adjusting your consent preferences. These cookies do not store any personally identifiable data.

No cookies to display.

Functional cookies help perform certain functionalities like sharing the content of the website on social media platforms, collecting feedback, and other third-party features.

No cookies to display.

Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics such as the number of visitors, bounce rate, traffic source, etc.

No cookies to display.

Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.

No cookies to display.

Advertisement cookies are used to provide visitors with customized advertisements based on the pages you visited previously and to analyze the effectiveness of the ad campaigns.

No cookies to display.

ADVERTISEMENT
Africanian
  • News
  • News 24/7
  • Politics
  • Business
  • Health
  • Sports
  • Travel
  • World
    • US
    • Russia
    • Europe
    • Asia
    • America
  • Events
No Result
View All Result
Africanian
No Result
View All Result
Home Business

“Africa cannot outsource its healthcare security to the benevolence of others” — Dr Akinwumi Adesina

The Bank chief said the continent needed $484 billion over the next three years to address the socio-economic impacts of the Covid-19 pandemic and support economic recovery.

in Business, Health, News
Reading Time: 3 mins read
0 0
0
“Africa cannot outsource its healthcare security to the benevolence of others” -- Dr Akinwumi Adesina
0
SHARES
Share on FacebookShare on TwitterShare via Whatsapp

African Development Bank Group President Dr Akinwumi Adesina has said that the most important lesson of the Covid-19 pandemic for Africa is the need to build a defense mechanism against external shocks, especially in healthcare and financial security.

“Investing in health is investing in national security,” Adesina told African leaders on Saturday, at the opening of the 35th African Union Assembly in the Ethiopian capital. “Africa cannot afford to outsource the healthcare security of its 1.4 billion citizens to the benevolence of others.”

Adesina outlined three strategic priorities for an African healthcare defense system: building quality healthcare infrastructure; developing the continent’s pharmaceutical industry; and increasing the capacity of vaccine manufacturing. He added that the African Development Bank planned to invest $3 billion to support Africa’s pharmaceutical and vaccine manufacturing capacity.

READ MORE: African Development Bank President promoting continent’s recovery at 35th Ordinary Session of the African Union Assembly

Speaking about other critical areas for the continent, such as managing debt, Adesina said: “Africa’s public debt, currently estimated at $546 billion, represents one-quarter of the continent’s GDP and is higher than the combined total annual government revenues of $501 billion.”

More

Morocco mobilizes €100 Million to transform rural agriculture and boost youth and women’s employment

Liberia unleashes youth capital to dream big

Dreams Hub launches acceleration phase for Women- and youth-led green innovation projects in Congo Basin

Adesina said the African Development Fund, the Bank Group’s concessional lending arm, had supported low-income countries with $8.5 billion over the last five years.

Calling on African Union leaders to strongly support the Fund’s 16th replenishment in 2022, Adesina advised that a funding restructure of the African Development Fund would allow the Fund to go to market, leverage its $25 billion in equity, and raise an additional $33 billion in financing for low-income countries.

The Bank Group chief reminded African leaders that they had asked for re-allocated IMF Special Drawing Rights (SDRs) to be channeled through the African Development Bank, a prescribed holder of SDRs.

READ MORE: The African Development Bank and UN Women sign a $4 million financing agreement to support women entrepreneurs in West Africa

“Passing the re-allocated SDRs for Africa through the African Development Bank will serve Africa very well, provide financial leverage, and help recapitalize other African financial institutions, many of which the Bank helped to set up,” he said.

Adesina repeated his earlier calls for an African Financial Stability Mechanism to provide liquidity buffers to protect the continent against financial and economic shocks. He said that while other continents have such mechanisms, Africa was the only one that does not. He explained that this led to widespread regional spill-over contagion effects and instability from Covid-19-induced financial shocks. “African economies must be protected,” he stressed.

Addressing the summit plenary earlier, African Union Commission Chairperson Moussa Faki Mahamat said the Covid-19 pandemic had highlighted Africa’s unpreparedness for external shocks like new viruses. He said Africa’s 2.1% retraction in growth had set it back and threatened the achievement of the African Union’s Agenda 2063.

READ MORE: Africa Investment Forum Senior Director Chinelo Anohu, AfCFTA Secretary General discuss EU-Africa cooperation and trade

Various heads of state and government spoke of the socio-economic impact of Covid-19 on their countries, and steps they were taking to tackle the virus and other challenges. Host country Ethiopia, which is dealing with several challenges, has made substantial investments in wheat production and is on track to reach its goal of planting 20 billion trees by 2022. Prime Minister Abiy Ahmed said the initiative will mitigate the impacts of climate change.

The African Union’s 2022 Year of Nutrition focuses on strengthening resilience in nutrition and food security on the African continent. With the International Fund for Agricultural Development and the African Union Commission, the African Development Bank launched the Facility for African Food Security and Nutrition at the United Nations Food Systems Summit in 2021.  Adesina said the facility “will mobilize $1 billion to support the delivery of climate resilient technologies to 40 million farmers and produce 100 million metric tons of food to feed 200 million people.” He added, “this will reduce the number of people facing hunger in Africa by 80%.”

READ MORE: Cabo Verde launches Bank-funded capital markets project

Adesina called for accelerated action to advance Africa’s rapid development and sounded a note of optimism.  “With your bold and visionary leadership, a new Africa is emerging. Just as the eagle soars above the storms, so will Africa soar and achieve its destiny. Africa is destined for greatness,” he insisted.

Source: AfDB

africanian

africanian

Africanian News

  • Trending
  • Comments
  • Latest
From AI and climate tech to gender inclusion and digital skills, AfriLabs’ initiatives directly reached over 280,000 startups, entrepreneurs, and youth,

AfriLabs Expands to 514 Innovation Hubs Across Africa, Impacting Over 280,000 Entrepreneurs in 2024

July 19, 2025
Equatorial Guinea: Africa Oil to Participate in the 3rd Annual Supply Chain & Logistics Summit

Equatorial Guinea: Africa Oil to Participate in the 3rd Annual Supply Chain & Logistics Summit

July 21, 2025
AfriLabs and ATU Sign Landmark Deal to Accelerate Digital Innovation Across Africa

AfriLabs and ATU Sign Landmark Deal to Accelerate Digital Innovation Across Africa

July 19, 2025
Morocco mobilizes €100 Million to transform rural agriculture and boost youth and women’s employment

Morocco mobilizes €100 Million to transform rural agriculture and boost youth and women’s employment

July 22, 2025
Liberia unleashes youth capital to dream big

Liberia unleashes youth capital to dream big

July 22, 2025
Dreams Hub launches acceleration phase for Women- and youth-led green innovation projects in Congo Basin

Dreams Hub launches acceleration phase for Women- and youth-led green innovation projects in Congo Basin

July 21, 2025
Twitter Instagram Youtube Facebook
No Result
View All Result

Africanian News

Is a dedicated project aimed at amplifying the voices of the African Ecosystem and Diaspora. We actively collaborate with initiatives to improve access to education and digital inclusion, both in traditional schools and through digital platforms, for African children.

It’s crucial to emphasize that none of the articles or images featured on our platform are intended for copyright infringement, neither now nor in the future. If you believe that any information, text, image, etc., may be subject to copyright and should be removed, please notify us by sending an email to info@africanian.com

Your dreams matter; your stories matter.

Feel free to explore collaboration opportunities with us. Share your articles, thoughts, interviews, experiments, or no-comment videos by reaching out to info@africanian.com. You can also subscribe to our mailing list to receive the latest updates from Africanian News.

© 2024 Africanian News: From Africa, by Africans, for Africa, and friends of Africa.

No Result
View All Result
  • News
  • Politics
  • Business
  • Health
  • Sports
  • Entertainment
  • Tech
  • Travel
  • World

© 2024 Africanian News: From Africa, by Africans, for Africa, and friends of Africa.

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Log In

Sign In

Forgot password?

Don't have an account? Register

Forgot password?

Enter your account data and we will send you a link to reset your password.

Back to Login

Your password reset link appears to be invalid or expired.

Log in

Privacy Policy

Accept

Add to Collection

  • Public collection title

  • Private collection title

No Collections

Here you'll find all collections you've created before.