Financing Third World Development: Perspective of the African Development Bank (AfDB)

Abstract

This paper provides an exposition on African Development Bank (AfDB) Group financial engagements to member countries in the form of loans, grants and equity participation using incidence analysis. Over Unit of Account (UA) 29 billion have been approved by the Bank to finance various desirable development projects and programs to help the regional member countries achieve sustainable and inclusive growth and development. Although, the AfDB believed to have made progress in contributing to development in areas like micro finance, trade, energy, health as well as agriculture and food security. Yet, little progress was made in prioritized areas of infrastructure, governance, education and regional integration. Also, economic growth and poverty reduction, environment, clean energy and employment recorded insignificant progress. Newer accountability mechanism should be developed and the existing ones strengthened in addition to cogent monitoring and evaluation to ensure prompt completion of projects and programmes.

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