African Development Bank (AfDB) President, Dr Akinwumi Adesina, said that Africa's immense economic potential is being undermined by non-transparent resource-backed loans that complicate debt resolution and compromise countries' future growth.
African Development Bank President, Dr Akinwumi Adesina , said that Africa's immense economic potential is being undermined by non-transparent resource-backed loans that complicate debt resolution and compromise countries' future growth.African Development Bank President, Dr Akinwumi Adesina , said that Africa’s immense economic potential is being undermined by non-transparent resource-backed loans that complicate debt resolution and compromise countries’ future growth.
He also criticised the “Africa premium” that countries pay when accessing capital markets, despite data showing that Africa’s default rates are lower than those of other regions. He called for an end to this risk perception, which he said leads to higher borrowing costs for African nations. Adesina discussed various instruments and initiatives employed by the African Development Bank to de-risk projects and attract institutional investors, such as partial credit guarantees, hybrid capital, and synthetic securitisation.
Other notable participants included Xavier Becerra, U.S. Secretary of Health and Human Services; Raj Shah, President of the Rockefeller Foundation; Andrew Steer, President and CEO of the Bezos Earth Fund; and Brent Neiman Assistant Secretary for International Finance, U.S. Treasury. Neiman addressed the U.S. government’s efforts to assist African countries in reducing debt loads. He noted that Côte d’Ivoire, Benin, and Kenya, had issued almost $5 billion in bonds since the beginning of 2024, at interest rates ranging from eight to 10 per cent. He said this was evidence that emerging economies remain able to tap capital markets.
Akinwumi Adesina Semafor Africa Summit
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