AfDB organizes workshop on Non-Sovereign Operations in Abidjan

A workshop has been organized by the African Development Bank on Monday with an objective to share its approach to private sector funding through its new policy on Non-Sovereign Operations.

The policy provides the general framework and modalities required for the African Development Bank lending and investment without sovereign guarantee to private and public entities that meet specific eligibility requirements on non-concessional terms.

Held in Abidjan, the workshop was attended by government officials, diplomats, private sector representatives, partner organizations and the civil society. Bank officials engaged with key stakeholders and partners on its policy stance in support of private sector development in Africa.

"Our annual private sector investment lending has increased significantly from just about USD 300 million ten years ago to over USD 2 billion today and represents the fastest growing segment of the Bank's operations," the Bank Group Senior Vice President Charles Boamah said in his opening remarks. "Overall our approach will be driven by a desire to remain more attentive to our clients' needs while becoming more responsive and efficient by leveraging our on-the-ground presence in regional member countries," he added.

The Ivorian Minister of Trade and Industry, Souleymane Diarrassouba outlined interventions by his government to support private sector investment growth; they included incentives and the enforcement of a strong consultative mechanism with the executive.

"There is no doubt that the private sector is the real engine of growth through which we will create decent jobs and decent incomes," he added.