TheCable

Akinwumi Adesina, president of the African Development Bank (AfDB), says COVID-19 vaccines and debt relief will help African economies recover faster from the pandemic.

Adesina said this at a virtual event organised in his honour by African Leadership Magazine (ALM).

The AfDB president also called for equitable and fair access to the COVID-19 vaccines for all Africans.

He said as long as the disease is unchecked in any part of the world, no one will be safe.

“There is light at the end of the tunnel – it just happens to be a very long tunnel. I am very positive that African economies will bounce back over the next two years, but the speed of recovery will depend on ensuring that Africa gets enough vaccines for its population,” Adesina said.

“The world must not short-change Africa on access to vaccines”, he said, adding that significant debt relief will be key to accelerating African economies’ recovery from the pandemic.

He said: “To recover faster, Africa will need significant debt forgiveness from bilateral and official creditors.

“While developed countries have been spending trillions of dollars for fiscal stimulus, Africa does not have such resources. The payment for vaccines is already adding to the already high debt burden.”

Adesina said the AfDB, in collaboration with its partners, will continue to lead Africa’s recovery and development after the pandemic, with a focus on youth, women and healthcare.

“Together, we will create new opportunities for African youth and trigger a youth-based wealth system for Africa. Together, we will ensure that we deliver financing for African women,” he said.

“Together, we will support Africa to build world-class, quality healthcare infrastructure, while ensuring also that the continent builds its pharmaceutical and vaccine industrial production.”