AfDB stands for the African Development Bank. The African Development Bank’s primary function is to make loans and equity investments for the economic advancement of the regional member countries. Second, the bank offers technical support for development projects and programs. Third, the AfDB encourages public and private capital investment in development. Fourth, the bank provides assistance to regional member countries in organizing their development policies. The AfDB must also pay special attention to national and multinational projects that promote regional integration.
AfDB Prepares its Annual Meetings
The African Development Bank’s 2021 Annual Meetings began on Wednesday. Because of the coronavirus pandemic, the meetings will be held virtually until today (25th June 2021). The meetings will give the Bank’s governors a chance to talk about their experiences dealing with the pandemic and the policies they’re putting in place to help rebuild resilient economies and livelihoods.
The AfDB on Vaccines
For quite some time now, countries in the West have been producing vaccines to immunize their people. These countries have distributed very few Covid-19 vaccines to the rest of the world, especially to poor countries that can not afford to buy the doses. Most of these victim states are on the African continent and are vulnerable to the virus’s surge. Recently, the World Health Organization has been working with several African states, such as South Africa, to be able to invent ways in which the continent can produce and supply its own and to stop relying on foreign countries.
The AfDB meetings touched on the issue of vaccine shortages in Africa too and also said that it is a source of concern. The African continent has the world’s lowest vaccination rates. Despite accounting for 17% (1.3 billion) of the world’s population, Africa has only received 45 million vaccines, less than 50m.
The African Development Bank has the African Union concerned, particularly because countries are reporting an increase in cases and fatalities caused by variants.
Calls for vaccine patent waivers are also expected to be renewed by the lender. Akinwumi A. Adesina, President of the African Development Bank, has stated that the bank plans to invest more than $2.5 billion in developing Africa’s vaccine manufacturing capacity.
What about Africa’s state of the economy?
After a contraction of 2.1% last year (2020), the worst economic recession in 50 years, GDP growth of 3.4% is expected this year according to recent economic statistics. Concerns about the pandemic’s impact on the continent’s grassroots will be high on the agenda. 24.6 million-30 million Africans are about to lose their jobs, bringing the total number of people living in extreme poverty to more than 460 million.
Who else will be in the Meetings?
At the meetings, Kristina Georgieva, the Director-General of the International Monetary Fund (IMF), and Ngozi Okonjo-Iweala, the Director-General of the World Trade Organization (WTO), are expected to speak.
As the African Development Bank concludes its annual meetings today, African states are hopeful that soon enough they will be 100% responsible or accountable for the health of their people.
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