Electricity and Control May 2020

ENGINEERING THE FUTURE

inwards for its solutions – to feed its own people and build industrial powerhouses led by African champions. The African Development Bank stands ready to help target and push for deeper economic transformation. Africa needs to execute structurally transformative projects that generate positive externalities and social returns. Let’s keep our eyes on the days after COVID-19. Professor Banji Oyelaran-Oyeyinka is the Senior Special Adviser on Industrialisation to the President of the African Development Bank. He is a Fellow of the Nigerian Academy of Engineering and Professorial Fellow, United Nations University. His recent book is titled Resurgent Africa: Structural Transformation and Sustainable Development , UK: Anthem Press, 2020. African countries to fast-track their efforts to contain the rapid spread of COVID-19," Adesina said, commending the Board of Directors for its unwavering support. The facility entails $5.5 billion for sovereign operations in African Development Bank countries, and $3.1 billion for sovereign and regional operations for countries under the African Development Fund, the Bank Group's concessional arm that caters to fragile countries. An additional $1.35 billion will be devoted to private sector operations. Commenting on the facility, Acting Senior Vice- President Swazi Tshabalala said: "The setting up of the facility required a collective effort and courage by all our staff, Board of Directors and our shareholders." In addition the bank launched a record-breaking $3 billion Fight COVID-19 Social Bond, the world's largest US dollar-denominated social bond ever on the international capital market. The Board of Directors also approved a $2 million grant for the World Health Organisation for its efforts on the continent. "These are extraordinary times, and we must take bold and decisive actions to save and protect millions of lives in Africa. We are in a race to save lives. No country will be left behind," Adesina said. For more information visit: www.AfDB.org

Continental Free Trade Area (AfCFTA), the continent has no choice but to bring together its fragmented markets. Second, Africa needs to build better institutions, strengthen weak ones and introduce the ones missing. No better wake-up call is required than the present pandemic. One important institution, for example, that has been sharply disrupted is the supply chain for medicines and food. Logistics for transporting capital and consumer goods across the region need predictable structures. Building or strengthening supply chains involves fostering and providing regulations for long-term agreements and competences that leverage both private and public institutional challenges, such as customs regulations. Finally, development finance institutions such as the African Development Bank are mandated to, and are currently, trying to fill the gaps left by private financial institutions. There is an opportunity for Africa to rethink and reengineer its future. The Africa of tomorrow must look African Development Bank $10 billion Response Facility The African Development Bank Group on April 8 th 2020 announced the creation of the COVID-19 Response Facility to assist regional member countries in fighting the COVID-19 pandemic. The facility is the latest measure taken by the bank to respond to the pandemic and will be the institution's primary channel for its efforts to address the crisis. It provides up to $10 billion to governments and the private sector. AkinwumiAdesina,PresidentoftheAfricanDevelopment Bank Group, said the package takes into account the fiscal challenges that many African countries are facing. "Africa is facing enormous fiscal challenges to respond to the coronavirus pandemic effectively. The African Development Bank Group is deploying its full weight of emergency response support to assist Africa at this critical time. We must protect lives. This facility will help

For more information visit: www.afdb.org

Electricity + Control MAY 2020

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