Downtown Africa
Since 2015, the African Development Bank, whose head office is based in Abidjan, has quadrupled its investments in Côte d’Ivoire, bringing its portfolio to $2.7 billion.
The bank has indicated that it will continue its investments by supporting the country in creating agricultural value chains to create more jobs and make economic growth more inclusive. The bank’s president, Dr. Akinwumi A. Adesina, stated that such support will go into creating “value chains in banana, mango, palm oil, cashew, coffee and cocoa products … There will be investments to transform rural areas into areas of wealth.”
Dr. Adesina also commended the Ivorian government’s efforts in the fight against Covid-19, which he noted had helped revive the country’s economy. He remarked that the country “was in an exceptional trajectory with an average growth rate of 7% from 2016 to 2019. Unfortunately, because of Covid-19, growth has dropped to 2% in 2020. But with the economic recovery and vaccinations helping, the tourism, services, transport and manufacturing industries are recovering. We expect the Ivorian economy to rebound by 6.2% this year and 6.5% in 2022.”
The Bank also said it will support the government’s 2021-2025 National Development Plan in order to help the country’s economic growth “more” inclusive and job-creating, and to ensure the transformation of rural areas. And in his comments, the country’s Prime Minister welcomed the African Development Bank’s continuing support and expressed the Ivorian government’s deep appreciation for its assistance as a strategic partner.
This article was adapted from a press release distributed by APO Group. You can start earning money by becoming our Independent Reporter or Contributor. Contact us at IR@downtownafrica.com
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