ABN - The African Development Bank (AfDB) invested more than US$10.8 billion in projects and programmes across the continent during 2016.
The figures were revealed in the multilateral finance group’s Annual Development Effectiveness Review 2017, and were driven by the roll-out of its High-5 priorities programme.
In 2015, AfDB president Akinwumi Adesina laid out five priority areas for investment, with operations across these areas rising to 305 projects in 2016, up from 241 throughout the previous year.
The five areas of investment included: Light up and power Africa, Feed Africa, Industrialise Africa, Integrate Africa, and Improve the quality of life for Africans.
“Fulfilling its role and mandate, the bank stepped up its support to regional member countries through higher levels of lending and more policy-relevant knowledge products and support," said Adesina.
The aim of improving the quality of life for African people received the highest priority, with $5.6 billion invested in various initiatives, representing 52.3% of the total approvals across the five areas.