The President of the African Development Bank (AfDB), Dr. Akinwunmi Adesina has called for more transparency, accountability and efficiency in the management of public loans in Africa, saying the bank does not encourage countries using their natural resources to back up infrastructure loans.
He also stated that all public infrastructure financing should be competitive, while pricing should be done in such a way that it gives value for money to those countries, adding that there must be transparency and efficiency in the use of public resources for infrastructure.
Adesina, who made the call yesterday at the ongoing African Investment Forum, with the theme: ‘Economic Resilience Through Sustainable Investments’ at Abidjan, Cote D’ Ivoire, expressed concern that rising public debts due to unsustainable public infrastructure financing plans would mortgage the future of some countries in the continent.
The AfDB president further explained that the bank and its partners have embarked on three major areas of priority which he said would promote the economic transformation of the continent. These he listed to include agriculture, electric car manufacturing and renewable energy.