Addis Ababa, November (FBC) – The African Development Bank (AfDB), in its grand ceremony held in Addis Ababa, commemorated the bank’s 60th anniversary, reflecting on six decades of driving transformative development across the continent.
With Ethiopia playing a prominent role both historically and currently, the event underscored the profound impact of AfDB’s partnerships in fostering economic growth, regional integration, and sustainable development.
The African Development Bank when established in 1964 with the vision of “Africans for Africa,” celebrated 60 years of unwavering commitment to the development of the continent.
Moreover, with the theme: “60 Years of Making a Difference,” the diamond jubilee celebration is showcasing the AfDB’s journey since its establishment and its vision for the African continent’s future.
Deputy Director General for the Eastern Africa Region, Leandre Bassole, opened the event by acknowledging the critical role Ethiopia has played since the Bank’s inception.
“Today, as we gather in Ethiopia, the land of origins, a land that symbolizes Africa’s independence and unyielding spirit, we celebrate not only the vision but the reality of that vision brought to life,” he stated.
Deputy Director General also pays homage to Ethiopia’s historical significance as a founding member and host nation of the African Development Bank.
Bassole highlighted the Bank’s impressive growth, from its initial 250 million USD capital base in 1964 to its current 380 billion USD.
According to him, this successful journey has been hugely enabling the bank to finance over 184 billion USD worth of projects across Africa.
This expansion, he noted, is not merely financial but reflects lives transformed, communities uplifted, and economies revitalized in the continent.
For instance, Bassole figured out that the Bank’s early projects in Sierra Leone and Kenya have now evolved into a continent-wide portfolio of 6,575 projects, including major infrastructure, energy, and agricultural initiatives that touch every corner of Africa.
On her part, Ethiopia’s State Minister of Finance, Semereta Sewasew echoed these success stories of the African Development Bank.
She also highlighted the tangible benefits AfDB’s support has brought to Ethiopia.
Since 1975, the Bank has financed 213 projects in Ethiopia, including 39 in transportation, 28 in energy, and 66 in agriculture. some 5 projects on job creation, she pointed out.
‘‘The ongoing and complete construction and upgrading of more than 800 kilometers of roads in Ethiopia have been significantly led to the reduction in time between travel between major cities and regions, from remote areas, from the rural to urban centers, improving access to market, health care, education, and other essential services,” she remarked.
In the energy sector, AfDB’s investments have extended Ethiopia’s electricity network, including the transformative Ethiopia-Kenya Electricity Highway. This project has not only increased electricity access but also positioned Ethiopia as a regional energy exporter, boosting foreign currency revenues and enhancing trade between East African nations.
According to Semereta, AfDB’s programs like the Technologies for African Agricultural Transformation (TAT) have reached 1.8 million Ethiopian farmers.”
Both Bassole and Minister Semereta acknowledged the enduring partnership between Ethiopia and AfDB, with mutual respect and shared goals driving their collaboration.
As the event concluded, the officials reiterated a shared vision for the future. “The journey ahead requires renewed partnerships, innovative financing models, and a solid belief in Africa’s potential,” Dr. Bassole affirmed.
Minister Semereta echoed this sentiment, emphasizing the need for AfDB to evolve alongside Africa’s changing landscape to ensure the next 60 years are even more transformative.
In closing, Bassole declared, “Together, we rise. Together, we will continue to make a difference today, tomorrow, and for generations to come. May this anniversary inspire us all to dream bigger and work harder for a better Africa.”