AfDB lends $8.8b to African countries in 2015

The African Development Bank (AfDB) says it has given loans amounting to $8.8 billion to African countries in the year 2015, an increase of 25 per cent from 2014.

The Africa focused multilateral institution representing 54 African and 26 non-African member countries has set itself an ambitious target of creating 25 million jobs in Africa in the next 10 years.

The Bank believes that through the following programmes and projects: Light up and power Africa, Feed Africa, Industrialise Africa, Integrate Africa, and Improve the quality of life for the people of Africa the continent will see transformation.

At the Bank’s forthcoming Annual Meetings to be held in Lusaka, Zambia, May 23 to 27, the AfDB aims at unveiling a new programme to create 25 million jobs for young people over the next decade. The Meetings will focus on energy and climate change.

The Bank also says during the Meetings, it will make in-depth assessments of the performance of African countries in the past year and envision how the Bank can help them cope with the difficult economic situation they face due to the global economic downturn and the fall in commodity prices.

By Emmanuel K. Dogbevi