Nmehielle: Double-digit growth needed for African countries

The African Development Bank recently held its annual meeting, where discussions revolved around the need for double-digit growth to achieve the level of inclusive development required to transform Africa. Vincent Nmehielle, Secretary General of the AfDB, highlighted the importance of accelerating Africa's transformation and the role of the bank in reforming the global financial architecture. While acknowledging the progress made in economic growth across the continent, Nmehielle emphasized that more needs to be done to reach the desired level of development. The theme of the meeting focused on Africa's transformation, emphasizing the need for a bolder and stronger African Development Bank that can contribute significantly to the continent's progress. Key takeaways from the event included discussions on debt sustainability, domestic resource mobilization, and the role of the private sector in driving development. With shareholder support for increasing the bank's collable capital, the AfDB is looking to strengthen its position to continue lending and withstand financial shocks. In line with its new ten-year strategy, the bank aims to enhance private sector involvement in development projects, signaling a shift towards more collaborative approaches. Looking ahead, the AfDB remains focused on innovation and financial strength, recently issuing hybrid capital for the first time by any multilateral development bank. As discussions around succession planning for the bank's leadership unfold, anticipation builds for the nomination of the next President. As the African Development Bank reflects on its 60-year journey, the future appears promising, with a commitment to leveraging innovative technologies and global advancements to drive sustainable growth and development across the continent.