President of the African Development Bank (AfDB), Dr Akinwumi Adesina, has said that the Bank invested 1.16 billion dollars in Africa’s agricultural sector in 2017, the highest ever in the Bank’s history.

He said the Bank in the year under review launched the Technologies for African Agricultural Transformation (TAAT), a one-billion dollar initiative to expand agriculture technologies for millions of African farmers.

In a statement on Thursday in Abuja, Adesina said that the Bank also recorded its highest annual expenditure ever of 7.67 billion dollars on supports across the continent.
He assured of the Bank’s continued support to African countries towards ensuring stronger macroeconomic policies.

“The Bank achieved its highest annual disbursement ever in its history, at 7.67 billion dollars. Our investment in the energy sector in 2017 covered 31 operations in 23 countries and totaled 1.39 billion dollars, representing a 30 per cent increase over 2016. In 2017, the Bank maintained its AAA rating with stable outlook by all four global rating agencies,” Adesina said.

The AfDB President noted that the Bank’s climate finance would have been tripled to 40 per cent by 2020.

“Africa needs to promote green growth. We are extremely conscious of our climate and environmental responsibilities and leadership role,” he stated.