AfDB spent $7.8 bn on Africa support

By BUSINESS REPORTER THE African Development Bank (AfDB) disbursed over US$7.81 billion last year to support the structural transformation of countries in Africa including Zambia.

This came to light in the recently Annual Report released at the on-going the annual meeting in Busan, Korea.

According to the report, bank disbursements reached US$7.81 billion last year, a 15 per cent increase over 2016 and the highest on record for the Bank.

The report indicated that the increase was driven, to a large extent, by the 42 per cent growth in project loan and grant disbursements.

“The Bank approved 249 operations amounting to US $8.93 billion. This was reflected in core financing, disbursements, operational strategies and port- folio management,” reads the report.

Meanwhile, speaking during the launch of the report, AfDB president Akinwumi Adesina indicated that the development reflected a 56 per cent increase in disbursements for non-sovereign operations.

He said while the Bank’s net operating income declined between 2014 and 2015, it had turned around rapidly.

“The Bank Group also continued to grow its income. Net operating income increased in 2017 to US $817.69 million, up from US $631.08 million in 2016, a 29.6 per cent increase and the highest since 2009.

“The Bank also consolidated its position as Africa’s leading knowledge institution by taking full leadership responsibility for the publication of a key flagship look,” he said.