PROVIDENCIALES, TURKS AND CAICOS ISLANDS — “The Caribbean is bankable and we should invest in it.” This was the conclusion of Dr Akimwumi Adesina, president of the African Development Bank (AfDB), who gave a wide-ranging presentation on opportunities for partnership between his organisation and the Caribbean Development Bank (CDB).

Offering the 2022 Annual William G Demas Memorial Lecture during the CDB’s 52nd Annual Meeting of Board of Governors, Dr Adesina, who served previously as Nigeria’s minister of agriculture between 2011 and 2015, drew from his experience in politics and public service to highlight initiatives that he believes can be replicated in the Caribbean.

Speaking on the topic ‘Development in a Context of Global Challenges: Experiences and Lessons from the African Development Bank’, the AfDB president said he identified seven global challenges facing both Africa and the Caribbean. These include the novel coronavirus pandemic, climate change, renewable energy and energy transition, food insecurity and the Ukraine war, infrastructure, debt and resource mobilisation, and the inclusive growth of youth and women.

In his work at the AfDB, Adesina said his primary focus has been accelerating development for all Africans through a programme called High 5s. The programme highlights five areas which would drive economic transformation, growth and development of Africa. Among them: light up and power Africa, feed Africa, industrialise Africa, integrate Africa, and improve the quality of life of the people of Africa.

“In just six years the High 5s has delivered impressive results for the African Development Bank…improving the lives of 335 million people. Close to 21 milion people have gained access to electricity. Nearly 76 million people have benefitted from agricultural technologies for food security. More than 12 million people have gained access to finance through private sector investment companies,” he outlined.

In addition there have been improvement in transportation infrastructure and sanitation, as Africa has produced six of the 10 fastest-growing countries in the world.

However, with the advent of COVID-19 the continent would record its first contraction in growth in 20 years. In response the AfDB launched the $10-billion Crisis Response Facility and a $3-billion Fight COVID-19 social bond to support countries, and this contributed to a growth rebound of 6.9 per cent in 2021.

Drawing parallels with the CDB, Adesina said, “I am delighted to note that, according to the Caribbean Development Bank, GDP growth in the Caribbean region is estimated to recover to 9.1 per cent in 2022.”

“We learnt a number of lessons from COVID-19. First is the importance global cooperation and solidarity in solving problems,” he continued.

While highlighting the issue of manufacturing vaccines, he pointed out that the block on vaccine patent rights in the initial stages of the development of vaccines created even more inequities between developed and developing economies. As a result, developed countries recovered more quickly from the pandemic than countries in Africa and the Caribbean.

In this regard, Dr Adesina called for partnerships between developing countries to begin manufacturing their own vaccines.

In the same breath, he said that food security should also be addressed in both Africa and the Caribbean as the Russian war in Ukraine has impacted both regions.

“We all agreed that it is time to support Africa to produce its food. It’s time to have food sovereignty. The same must apply to the Caribbean,” the AfDB president asserted.

“A recent survey by the Caricom and the World Food Program shows that food security has increased by 72 per cent among the population of English-speaking Caribbean countries. Across the Caribbean, close to 40 per cent of the population are food insecure, about 2.8 million people.”

As such, Adesina recommended increase in agricultural activity and an industrialisation of the sector to ensure that the region can feed itself.

He, however, noted that there can be no food security without industrialisation and electrification. On this note, he commended the CDB for supporting renewable energy projects in Barbados, Jamaica and the British Virgin Islands.

Moreover, he noted that in its move towards energy transition the region should ensure four imperatives: access to affordable electricity, security of supply, maintaining gas as part of the energy mix, and achieving zero carbon emissions with zero financing.

Addressing the issue of poverty, Adesina said that rising debt levels occasioned by the coronavirus pandemic pose a problem for the Caribbean.

“African countries and Caribbean countries desperately need debt relief, debt restructuring and debt sustainability,” the AfDB president said.

To address this issue, he advocates that countries in the Caribbean pool their Special Drawing Rights from the IMF to fund programmes that address regional problems as the region remains vulnerable to global shocks and are therefore in need of financing.

Adesina also proposed the channeling of SDRs through multilateral banks such as the CDB, AfDB, and Inter-American Development Bank to “expand our lending capacity to countries”.

Following his presentation, Dr Adesina revealed that the AfDB will be partnering with its Caribbean counterpart on a technology transfer programme to support youth and women in business and agriculture.