Your Excellency, President Muhammadu Buhari, President of the Federal Republic of NigeriaExcellencies former Heads of State and GovernmentsHonorable Niale Kaba, the outgoing Chairperson of the Bureau of Governors of the African Development Bank Group and Minister of National Planning of Côte d’Ivoire— Madam “Quiet Force” or “Force tranquille”
I stand before you today to speak, but I speak for two people: myself and my darling wife, Grace. For without Grace I will not be here today. I love you honey — thank you for always standing with me, with prayers, and encouragement. I love you! I would not be here without the incredible decision of all my governors, shareholders of the Bank, from 81 countries around the world, for getting me here. I stand on their collective pedestal. I stand tall today because of you all … your support, prayers, and good wishes inspired us. We are grateful to you all. Thank you all very much!Four days ago, on August 27, 2020, I was re-elected as President of the African Development Bank Group.
We have been accountable for the climate since COP 21 in Paris. The Bank’s climate financing expanded from 9% when you elected me in 2015 to 36 % by 2019 – an increase of 400%. We’ve now targeted to reach $25 billion in climate finance by 2021. As shareholders, you strongly supported a 32% increase in resources for the African Development Fund 15th replenishment, to support low-income countries and fragile states. Today, the ADF countries receive 700% larger resources than they did in 2015.We’ve to deliver value for money for our shareholders. The Bank has the lowest cost among all multilateral development banks.
We launched a $3 billion social bond on the global market – the largest US dollar-denominated social bond ever in world history. As we look to the future, working with the Board of Directors, the Bank will pay increased attention to supporting Africa with quality health care infrastructure and building on its comparative advantage in infrastructure.
Your Excellencies, let there be no doubt, the challenges ahead are still many including poverty, inequality, fragility, high youth unemployment, significant infrastructure financing gaps, and sustainable debt management.