The President of the Africa Development Bank (AfDB), Dr. Akinwunmi Adesina, has stressed the need to mobilise mutual funds and other Assets Under Management (AUM) in the continent put at $1.8 trillion, to drive Africa’s development.
He also said commercial banks who desire to get credit lines from the AfDB would have to increase lending to women-focused businesses, saying the bank was set to launch a rating for women- focused lending.
Adeshina, said this in an interview on the sidelines of the just-concluded 2019 Annual Meetings of the World Bank and International Monetary Fund in Washington DC over the weekend. On how to mobilise capital to accelerate growth in the continent, he said: “Africa today has in its pension funds, sovereign wealth funds and insurance mutual funds $1.8 trillion of asset under management.