African Development Bank Recognizes Contributions to Southern Africa

This article is part of a series created in collaboration with the African Development Bank to commemorate its sixtieth anniversary.
For further insights into the Bank’s history and ongoing initiatives across the continent, please visit our dedicated portal.

This year, the African Development Bank marked its Diamond Jubilee with a variety of events across the continent, celebrating 60 years of driving social and economic advancement in Africa. A regional celebration in Southern Africa took place in Johannesburg in December, bringing together leaders, stakeholders, and partners to reflect on the institution’s achievements and its vision for a prosperous future. This event not only showcased the Bank’s vital contributions to Africa’s development but also allowed officials to reaffirm their commitment to championing progress in the region.

At the event, Leila Farah Mokaddem, Director General of the African Development Bank Group, highlighted the enduring legacy of the Bank.

“Sixty years ago, the African Development Bank was founded with a vision for a more prosperous Africa. Today, we celebrate not just the statistics, but the lives transformed and communities uplifted as a result of our endeavors,” she expressed.

The Bank has embarked on 226 projects in the Southern Africa region, investing over $11 billion. Key initiatives include the SADC Sub-Regional Transport and Facilitation Project, a $231.3 million investment designed to connect Malawi and Mozambique, thereby enhancing trade and reducing regional fragility. The Lesotho Highlands Water Project, valued at $2.1 billion, has significantly bolstered water transfer and hydroelectric power supply, addressing critical energy security concerns. The Kazungula Bridge Project, which received $81.6 million funding from the Bank, has improved connectivity between Zambia and Botswana along the North-South Corridor. Additionally, the Bank has recently provided a $1 billion sovereign-backed corporate loan to Transnet to assist the recovery and expansion of South Africa’s freight transport sector.

Among the attendees was South Africa’s Minister of Finance, Enoch Godongwana, who commented on the Bank’s positive impact in the region and the collaborative efforts between his nation and the African Development Bank. “The Government of the Republic of South Africa celebrates this significant milestone with the African Development Bank. Our region, and South Africa in particular, continues to gain from a productive partnership with the Bank as we work collaboratively to build a better Africa for future generations.”

Looking forward, Godongwana stated, “As we unite to recognize the various successes of our collective ventures, we also recognize the need to advance Africa’s development agenda. This momentous occasion revitalizes us and strengthens our dedication to a common vision for the next 60 years!”

Resonating with Godongwana’s perspective, Mokaddem called upon all partners, including governments, representatives from the private sector, and international organizations, to join forces with the Bank in shaping a more inclusive and sustainable Africa. “Our mission is still in progress,” she noted, emphasizing that “together, we can address climate-related challenges and mobilize resources to ensure that no one is left behind.”

Through its new Ten-Year Strategy, the African Development Bank intends to focus on integrated regional projects and climate resilience, with initiatives such as the Lobito Rail Integrated Corridor, which links Angola, the Democratic Republic of Congo, and Zambia, expected to spur economic growth, enhance agricultural value chains, and draw investments in renewable energy.

As the largest development finance institution in Africa, possessing authorized capital of $318 billion and a Triple A rating, the African Development Bank serves as a vital partner for African nations, strengthening their economies through interventions in agriculture, manufacturing, energy, infrastructure, trade, health, education, and other social services. The Bank is also at the forefront of climate action, channeling investments to support member countries’ climate goals.

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