Poverty alleviation and lasting development in Africa on top of ADB vision
Regional, Economics, 5/13/2000

President of the African Development Bank (ADB) group, Omar Kabbaj, expounded, in an interview with MAP, a five-year ambitious program which puts poverty alleviation and lasting development in the continent on top of its agenda.

Kabbaj, poised to win a second term at the top of the bank after expiration of his present mandate next October 31, said the bank's action is deemed very positive by the 77 African and non-African share-holders who have, therefore, agreed unanimously to re-elect him for an additional five-year term.

He explained that the bank's vision, based on an approach involving the staff, governors, civil society and all bilateral and multilateral partners, will, hopefully, help the bank fulfill its objectives, mainly reducing by half poverty by 2015.

According to the ADB statistics, 40 to 45% of the continent population live in absolute poverty and 30% belong to the extreme poor social layer, including 70% women.

The former Moroccan minister said the bank will focus action on five major aspects: agriculture and rural development, since 70% of African live in rural areas, human capital development, through addressing health and education problems, "transversal sectors" that include environment, gender equality and governance.

Kabbaj also underscored the importance of regional integration as the only means to secure Africa integration in the world economy and among other groupings. The fifth axis of the bank vision is the promotion of the private sector as an engine of growth, job creation and exports.

He added that the bank has succeeded in increasing its capital by 35% and reviving the African Development Fund, assuring that the group possesses enough financial resources to fulfill its mission in the best conditions.

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