African governments risk losing the economic gains they’ve made unless countries broaden the base of growth by educating poor children and creating jobs, African Development Bank President Donald Kaberuka said.
Zimbabwe’s economic progress has become “stuck” because of a lack of clarity on policy, while Ivory Coast is threatened with collapse amid a political crisis, said African Development Bank President Donald Kaberuka .
The African Development Bank will disburse budget aid to Tunisia next month and is ready to quickly support Ivory Coast to help the countries deal with immediate financing needs in the wake of political turmoil, President Donald Kaberuka said.
Angola has asked the African Development Bank for loans to help rebuild its economy following a 27-year civil war, adding to funds from the International Monetary Fund and a possible international bond sale.
The African Development Bank is reviewing its funding to North African countries to focus on projects that boost jobs and reduce poverty after popular revolts in Egypt and Tunisia forced the collapse of governments.
African nations should reduce subsidies on products including fuel to increase their scope for stimulus spending as Europe sinks into recession, said African Development Bank President Donald Kaberuka.
The African Development Bank is seeking to triple the amount of funds it has available to invest in roads and power plants as the continent braces for the second crisis in two years emanating from outside its shores.