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AfDB projects 3.4% growth for Africa’s economy in 2021

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The President of the African Development Bank (AfDB), Dr. Akinwumi Adesina, warned on Saturday that the economies of countries in Africa would continue to remain unstable until the continent finds a solution to the crisis associated with the COVID-19 vaccination.

Adesina, who stated this while addressing the Economic Community of West African States (ECOWAS) Authority of Heads of State and Government in Accra, Ghana, projected a 3.4 percent growth for Africa’s economy this year.

The AfDB chief added that West Africa’s Gross Domestic Product (GDP) would recover from -1.5 percent in 2020 to 2.8 percent in 2021 and 3.9 percent in 2022.

He stressed the need for Africa to start the production of its own vaccines to create a safeguard against future outbreaks on the continent.

Adesina said the AfDB would collaborate with countries in Africa on the production of a vaccine for the continent.

He added that the bank in collaboration with the African Union (AU) would commit $3 billion to the development of the pharmaceutical industry in Africa.

Adesina said: “The African Development Bank moved very quickly to launch a $10 billion facility to support countries. We also launched a $3,000,000,000 COVID-19 social bond on the global capital markets.

READ ALSO: AfDB Board approves new water policy in Africa

“The African Development Bank projects for Africa GDP growth will rebound to 3.4 percent this year. The West Africa GDP growth is projected to recover from -1.5 percent in 2020 to 2.8 percent in 2021 and 3.9 percent in 2022.

“But the rebound will depend on access to vaccines. Africa should not be begging for vaccines, the continent should be producing vaccines.

“The African Development Bank will ramp up support for Africa to produce vaccines as part of the vaccines plan for the African Union. The bank will also commit $3 billion to develop the pharmaceutical industry in Africa.

“It is now time to rapidly build a healthcare defense system for Africa to tackle this and future pandemics. The African Development Bank plans to invest in building quality healthcare infrastructure in Africa.”

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