The African Development Bank (AfDB) disbursed 7.81 billion dollars to support the structural transformation of African countries in 2017.
According to AfDB’s Annual Report, released during the Annual Meetings in Busan, South Korea, the disbursements were 15 per cent increase over 2016 and the highest on record for the Bank.
“This increase was driven, to a large extent, by the 42 per cent increase in project loan and grant disbursements, which reflected in part, improved portfolio management.”
According to AfDB President, Akinwumi Adesina, the bank approved 249 operations amounting to 8.93 billion dollars.
This was reflected in its core financing, disbursements, operational strategies and portfolio management.
Adesina said that this “reflected a 56 per cent increase in disbursements for non-sovereign operations,.
He said it was a clear sign of the Bank Group’s increasing engagement with Africa’s private sector, non-sovereign operations accounting for 38 per cent of the Bank approvals, the highest on record.(NAN)