AfDB reiterates infrastructural needs for sustainable growth

African Development Bank (ADB) Logo.

The imperatives of infrastructure development for sustainable growth of African economies have continued to dominate discussions of the African Development Bank (AfDB).

The regional development institution raised the issue again on the second day of the Korea-Africa Economic Cooperation Conference (KOAFEC) in Seoul, South Korea, while discussing the transformation of Africa agriculture.

AfDB President, Akinwumi Adesina, while addressing Ministers of Finance from African countries, highlighted the importance of investing in rural infrastructure, as well as rapidly developing the agro-industrial sector. “Africa should not be a consumption centre.

It must export processed cocoa, not cocoa beans; it must export specialized coffee, not coffee beans; and it must export finished textile products, not cotton lint,” he said. Citing Korea experience, which was once a poor and at the same level with Sub-Saharan Africa (SSA), but now records a Gross Domestic Product that is currently 17 times that of SSA, he said its growth was an outcome of economic reform.

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