African Development Bank President Adesina Receives Tribute from Liberia's President Boakai

Strategic Insights -

As President of the African Development Bank, Dr. Akinwumi Adesina has been a driving force behind the institution's efforts to promote economic development and social progress in Africa. On Tuesday 22 July, President Joseph Nyuma Boakai of Liberia honored Adesina with a tribute, praising his transformative leadership and the Bank's significant investments in the country. The event was attended by all three branches of the Liberian government, as well as the Chief Justice and heads of state-owned enterprises. Adesina reflected on the Bank's enduring partnership with Liberia, which has resulted in $1.02 billion in investments across 72 projects since 1967. Key achievements include the connection of Liberia to several neighboring countries through electricity transmission lines, the delivery of nearly 40,000 new grid connections, and the construction of 177 km of new roads. A new initiative under the African Development Bank's Youth in Africa strategy, the Liberia Youth Entrepreneurship Investment Bank (YEIB), was also launched, aimed at equipping young Liberians with the tools and capital to drive national development through entrepreneurship.

Key Takeaways:

  • President Boakai praised Adesina's transformative leadership, highlighting the Bank's significant investments in Liberia, which have resulted in $1.02 billion in investments across 72 projects since 1967.
  • Key achievements include the connection of Liberia to several neighboring countries through electricity transmission lines, the delivery of nearly 40,000 new grid connections, and the construction of 177 km of new roads.
  • The Liberia Youth Entrepreneurship Investment Bank (YEIB) was launched, a $17 million initiative aimed at equipping young Liberians with the tools and capital to drive national development through entrepreneurship.
  • President Boakai highlighted the importance of teamwork, accountability, and reforming institutions to achieve transformational governance.
  • Adesina recommended a "One Government approach", the establishment of a presidential awards program to recognize and incentivize inter-agency collaboration, and the adoption of a framework for transformational governance.
  • The Bank President emphasized the importance of technical and vocational training, citing that 60 percent of Liberia's population is under the age of 35.
  • Adesina urged the government to plug revenue leakages, noting that Africa loses $88 billion annually to illicit financial flows, and to create the right environment for investments, transparency, and rule of law.

Statistics:

  • $1.02 billion in investments across 72 projects since 1967
  • 2,500 km of electricity transmission lines connecting Liberia with Côte d'Ivoire, Sierra Leone, and Guinea
  • 40,000 new grid connections delivered through the Liberia Energy Efficiency and Access Project
  • 177 km of new roads constructed, including the Fish Town-Harper and Karloken to Fish Town corridors
  • $17 million Liberia Youth Entrepreneurship Investment Bank (YEIB) initiative
  • 60 percent of Liberia's population is under the age of 35
  • $88 billion annually lost to illicit financial flows in Africa
  • 300 million Africans to be connected to electricity by 2030 under the Mission 300 program

Sources:

  • African Development Bank Group (AfDB)
  • www.AfDB.org
  • (https://apo-opa.co/4maNUla) - read Dr. Adesina's address