The African Development Bank, AfDB, has declared that it will support Nigeria, Senegal, Ethiopia, Morocco and Algeria with industrial policies to boost development in Africa. The Manager, Industrial Development Unit of the bank, Mr. Alhassane Haidara, stated this in an interview with newsmen in Abidjan, Cote D’Ivoire.
Mr. Haidara said the bank, in partnership with UNIDO, would help the countries to develop policies that will drive industrial development in various sectors of the economy. He noted that this would go a long way to boost economic development and increase Foreign Direct investment.
The industrial development expert, who said the bank would also support capital markets by boosting the market liquidity, declared that the policies would influence the growth of small businesses, which in turn, would lead to the establishment of industrial clusters in all the five regions of Africa.
According to Mr. Haidara, “ This project is going to be in a pilot scheme, if we are successful with the five countries, we will replicate it in many other countries in the region’’. The theme for the bank’s 2018 Annual meeting, which will be held in Busan, Korea, from May 21st to 25th is “Industrializing Africa’’.
The theme is one of the five priority projects of the bank which are mostly focused on how best to transform Africa.
