{"id":42162,"date":"2022-07-04T16:07:00","date_gmt":"2022-07-04T16:07:00","guid":{"rendered":"https:\/\/www.africannewspaper.net\/2022\/07\/04\/invest-more-in-africa-akinwumi-adesina-urges-keen-irish-business-community-african-business\/"},"modified":"2022-07-04T16:07:16","modified_gmt":"2022-07-04T16:07:16","slug":"invest-more-in-africa-akinwumi-adesina-urges-keen-irish-business-community-african-business","status":"publish","type":"post","link":"https:\/\/www.africannewspaper.net\/2022\/07\/04\/invest-more-in-africa-akinwumi-adesina-urges-keen-irish-business-community-african-business\/","title":{"rendered":"Invest More in Africa\u2014Akinwumi Adesina Urges Keen Irish Business Community – African Business"},"content":{"rendered":"\n
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Since joining the African Development Bank Groupwww.AfDB.org<\/a>) as its 81st<\/sup>Ireland was a shareholder in 2020. Ireland has shown steadily increasing interest to strengthen its economic ties and relations with Africa. The 7th International Conference on Africa gave a boost to this mission last week.Th<\/sup> Africa Ireland Economic Forum in Dublin, as African Development Bank Group President Dr.\u00a0Akinwumi Adesina enjoined the Irish business community to invest more in Africa.<\/p>\n

\u201cIf you are not investing in Africa, you\u2019re not in business,\u201d Adesina told his audience. \u201cForeign direct investment of Ireland in Africa was $572 million at the end of 2020 and represented only 0.05% of Ireland\u2019s total net foreign direct,\u201d Adesina said. \u201cThis is too low. Ireland should invest in Africa more. Let\u2019s set a target of 15% of Irish investments in Africa.\u201d<\/p>\n

The exhortation from Africa\u2019s premier development finance institution\u2019s chief was matched by the Irish authorities\u2019 publicly expressed enthusiasm about Ireland-Africa cooperation. Speaking at the forum on Thursday, Minister of Foreign Affairs and Minister of Defence Simon Coveney talked about Ireland\u2019s deepening economic and cultural links with Africa. He noted the prospects for closer trading links with the continent, pointing out that trade between Ireland and Africa would likely reach \u20ac5 billion by 2025.<\/p>\n

Receiving the Bank Group chief on Friday, Irish President Michael D.\u00a0Higgins congratulated Adesina for his work on the recent establishment of the African Pharmaceutical Technology Foundation. \u201cNothing is more important than that,\u201d said President Higgins. He spoke of his long-standing interest and optimism for Africa’s economic growth. Discussing the looming global food crisis prompted by Russia\u2019s war in Ukraine, President Higgins welcomed the pre-emptive steps the Bank had taken to ensure food security for the continent.<\/p>\n

Describing their meeting, Adesina said: \u201cPresident Higgins so warmly received me. He is passionate about Africa and has a heart. He told me: \u2018You are doing such an incredible job for Africa with your leadership in running the African Development Bank. I am inspired by your vision.\u2019\u201d<\/p>\n

Similar support for continued strong cooperation came from senior Irish officials with whom Adesina met during his visit, notably: Colm Brophy, Minister of State for Overseas Development Aid and Diaspora; John Hogan, Secretary General of the Department of Finance and Alternate Governor for Ireland at the African Development Bank Group; and Paul Ryan, Director of the department\u2019s International Finance and Climate Division, which is responsible for managing Ireland\u2019s shareholding in international financial institutions.<\/p>\n

Adesina thanked the Irish government for joining the African Development Bank and the African Development Fund, the Bank Group\u2019s concessional lending arm, and he expressed appreciation for Ireland\u2019s contribution\u2014announced by Foreign Affairs and Defence Minister Coveney on Thursday\u2014of \u20ac2 million to the African Development Bank for climate adaptation.<\/p>\n

In an addresshttps:\/\/bit.ly\/3Ap2qkt<\/a>) to the forum on Thursday, the African Development Bank head held a packed conference hall captive as he spoke about the current African economic environment, the continent\u2019s challenges, its many opportunities, and about the African Development Bank Group\u2019s role as a \u201csolutions bank,\u201d a valued partner to its regional member countries, its international development partners, and to the international business community, whose investment he said was desirable. \u201cYou can count on the African Development Bank as a partner,\u201d he stressed.<\/p>\n

Interview with the Bank president (https:\/\/bit.ly\/3NFm9PZ<\/a>) at the Institute of International European Affairs (IIEA) by Ambassador David Donoghue, Ireland\u2019s former Permanent Representative to the United Nations. Welcoming Adesina, he said: \u201cDr Adesina is often described as Africa\u2019s Optimist-in-Chief and is widely praised for his visionary leadership and passion for the transformation of Africa. Since he took over as President of the African Development Bank in 2015, the Bank has achieved the highest capital increase since its establishment in 1964.\u201d<\/p>\n

In his opening remarks, Paul Ryan said: \u201cAs well as being Africa\u2019s Optimist-in-Chief, I\u2019d like to say to Dr.\u00a0Adesina that he is also Ireland\u2019s closest friend in the African Development Bank and in the continent of Africa as well. He has been an amazing partner for Ireland in the last few years, especially since February 2020 when we joined the Bank. [\u2026] The response by the Bank\u2014under the leadership of the President\u2014to Covid and now to the Ukrainian war, has been absolutely exemplary. A lot of future-proofing kicking has been done in relation to food security, renewable energy, economic development, and it\u2019s exactly in line with our developmesnt objectives. We are very happy to join the bank, very pleased with the level of engagement and really pleased with the work that the Bank has been doing in the continent.\u201d<\/p>\n

Ryan added that Adesina\u2014\u201cfirst elected President of the Bank in 2015 and unanimously re-elected for another five-year term in August of 2020\u201d\u2014is a bold reformer who completely transformed the agriculture sector in Nigeria as agriculture minister over four years, and that he has replicated that same success at the African Development Bank. \u201cWe are very happy with the President. Our colleagues in the constituency are very pleased. And more importantly, the wider membership in the continent of Africa are very happy.\u201d<\/p>\n

Adesina spoke about the work of the Bank\u2014in particular the High 5 Strategic Priorities that he is credited with developing for the institution\u2014and how he saw these priorities as the fulcrum for both transforming Africa and helping to achieve the UN Sustainable Development Goals.<\/p>\n

Adesina invited officials and private sector operatives to the next edition of the Bank\u2019s Africa Investment Forum, taking place in Abidjan in November.<\/p>\n

Distributed by APO Group for African Development Bank Group (AfDB).<\/i><\/p>\n

Contact:<\/strong>
Communication and External Relations Department
[email\u00a0protected]<\/span><\/p>\n

About the African Development Bank Group<\/strong>
The African Development Bank Group is Africa\u2019s premier development finance institution. It is composed of three distinct entities, the African Development Bank(AfDB), African Development Fund(ADF) and Nigeria Trust Fund (NTF). The Bank is present in 41 African countries and has an external office in Japan. It contributes to the economic growth and social progress of its 54 member states. For more information: www.AfDB.org<\/a><\/p>\n<\/div>\n

APO issued this Press Release. The content has not been reviewed by African Business. The content of this announcement is solely at the issuer’s responsibility.<\/i><\/p>\n

Source: african.business<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Since joining the African Development Bank Groupwww.AfDB.org) as its 81stIreland was a shareholder in 2020. Ireland has shown steadily increasing interest to strengthen its economic ties and relations with Africa. The 7th International Conference on Africa gave a boost to this mission last week.Th Africa Ireland Economic Forum in Dublin, as African Development Bank Group […]<\/p>\n","protected":false},"author":1,"featured_media":42164,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"yoast_head":"\nInvest More in Africa\u2014Akinwumi Adesina Urges Keen Irish Business Community - African Business - African News Paper<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africannewspaper.net\/2022\/07\/04\/invest-more-in-africa-akinwumi-adesina-urges-keen-irish-business-community-african-business\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Invest More in Africa\u2014Akinwumi Adesina Urges Keen Irish Business Community - African Business - African News Paper\" \/>\n<meta property=\"og:description\" content=\"Since joining the African Development Bank Groupwww.AfDB.org) as its 81stIreland was a shareholder in 2020. 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