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Regional integration and development in Africa: the AfDB launches 10 innovative ideas

05/06/2024
Source : ORISHAS-FINANCE
Categories: Sectors

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On the occasion of the third meeting of senior officials of regional and continental institutions and African development finance institutions, the President of the African Development Bank Group (AfDB) Akinwumi Adesi launched ten innovative ideas to strengthen the ; regional integration and development in Africa.

The ten ideas put forward by the President of the ADB Group are, among others, strengthening support to the executive secretariat of the African Continental Free Trade Area (AfCFTA), the development of regional corridors (roads, rails) which are fundamental for regional integration and the implementation of the AfCFTA, development of electric transmission lines as well as energy production. The World Bank and the African Development Bank have committed to providing electricity to 300 million people by 2030, half of those who are currently without it.

Also, the ADB is banking on its ambitious Desert-to-Power program to provide solar electricity to an additional 250 million people. Adesina recommended, as a fifth path, the development of the digital economy including artificial intelligence and the creation of datacenters (digital data storage centers), in addition to the care of young people through the creation of jobs through the development of the manufacturing and agricultural sector, which are the main providers of jobs. The sixth pillar of its vision is the development of special agri-food zones to exploit the enormous agricultural potential of the continent. There is also the development of the manufacturing sector through the creation of added value through processing industries, the development of digital payment and investment in Fintech. Adesina also advocates the development of the capital market and the establishment of a genuine air market to reduce exorbitant costs at the inter-African level in

order to strengthen regional integration.
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