Africa’s debt is still under control –AfDB

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Africa’s debt is still under control, says the African Development Bank during its Annual Meetings in Malabo, Equatorial Guinea on Thursday.

This was disclosed during a panel session which was led by the Bank Group’s Treasurer, Hassatou N’sele, and Director of Service Delivery, Performance Management and Results at the Bank, Simon Mizrahi.

“On debt sustainability, Africa’s debt has increased in recent years but not to unsustainable levels”, Mizrahi said.

“We need to continue to generate financing and spur growth without increasing debt,” Mizrahi said.

AfDB said it remained strong with growing operating revenues and allocable income generated since 2010 reaching $2.5bn.

In 2018, the bank earned $214m in allocable income, 48 per cent of which had been reinvested in the institution to reinforce reserves and its business growth capacity.

The bullish numbers were revealed during the bank’s financial presentation Thursday.

AfDB said the bank could chart a new path on account of its ability to raise funds on the capital markets.

“The amount of infrastructure financing covered by private sector could double if African countries harnessed the full potential of their capital markets”, Mizrahi added.

 



Aneta Felix

Aneta Felix is a seasoned broadcast journalist and versatile content producer with an interest in reporting on human and gender rights, insecurity, corruption, and development among others. She has over five years of progressive experience, working across online, radio, and TV platforms, reporting the Boko Haram insurgency in Adamawa state, covering elections across the country and interviewing CEOs of multi-million dollar companies. Aneta is also the producer and presenter of the business documentary program, Startups, on TV360 Nigeria. She is a graduate of International Studies and Diplomacy from the University of Benin and is based in Lagos Nigeria.


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