Emily Chen
Wed, Sep 13, 2023 10:50 PM

African Development Bank Strengthens Partnership with Eritrea for Sustainable Growth

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African Development Bank Strengthens Partnership with Eritrea for Sustainable Growth
The African Development Bank (AfDB) and Eritrea have bolstered their collaboration to drive sustainable growth and development in the nation. The AfDB is supporting Eritrea in various sectors such as energy, water and sanitation, agriculture, skills development, and economic governance. The bank's president, Dr Akinwumi Adesina, emphasized the importance of prioritizing agro-industrialization and proposed the bank's Special Agro-Industrial Processing Zones initiative for transforming rural communities into prosperous economic zones. Eritrea's president, Isaias Afwerki, expressed gratitude for the bank's strategic role in the country's development and called for more resources to strengthen the institution's support for Africa's priorities.

The partnership between the African Development Bank (AfDB) and Eritrea has been reinforced to pave the way for sustainable growth and development in the country. The AfDB, an important partner of Eritrea, is actively supporting the nation in various sectors, including energy, water and sanitation, agriculture, skills development, and economic governance.

Dr Akinwumi Adesina, the President of AfDB, expressed his admiration for Eritrea's commitment to development and the resilience of its people during his visit to the country. He highlighted the fact that corruption is virtually nonexistent in Eritrea and applauded the nation's pharmaceutical capacity, which meets global standards set by the World Health Organization (WHO).

The President of AfDB affirmed the bank's dedication to supporting Eritrea's transformation, acknowledging the outstanding skills and capabilities of Eritrean engineers. Adesina emphasized the potential for Eritrea to rapidly grow and thrive under the country's passionate and determined leadership.

Adesina prioritized the need for agro-industrialization to boost the agricultural sector and ensure food stability. As a model for rural development, he proposed the AfDB's Special Agro-Industrial Processing Zones initiative. This initiative aims to transform Eritrea's rural communities into prosperous economic zones by harnessing the power of commercial agriculture and food production.

Eritrean President Isaias Afwerki expressed his gratitude for the strategic role played by the AfDB in enhancing the well-being of the Eritrean people. He indicated that Eritrea has chosen the AfDB as its partner of choice to drive rapid socio-economic development and shift the nation from subsistence to industrialization.

Afwerki called for increased resources to strengthen the AfDB and support Africa's development priorities. He also highlighted the need for additional assistance in critical areas such as fishing communities, agriculture, skills development, and integrated infrastructure. These efforts will enable Eritrea to capitalize on its substantial potash deposits.

The AfDB has already made significant investments in Eritrea. In April, the board of directors approved a $49.92 million financing grant for the construction of a 30-megawatt solar photovoltaic power plant, which represents the largest AfDB investment in the country. This project will significantly improve access to energy and contribute to Eritrea's target of generating 360 megawatts of electricity by 2030.

It is worth noting that Eritrea signed a historic peace and cooperation agreement with neighboring Ethiopia in 2018, ending two decades of conflict that hindered economic development. This milestone, coupled with the lifting of international sanctions, marked the country's emergence from a decade of isolation.

Overall, the strengthened partnership between the AfDB and Eritrea signals a promising future for the nation. With continued support from the bank, Eritrea is poised to achieve sustainable growth, self-reliance, and industrialization.

Source of content: OOO News 2023-09-13 News

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