In a recent interview with CNBC Africa, Amadou Hott , a leading candidate for the presidency of the African Development Bank (AfDB), has outlined a comprehensive strategy to revolutionize the Bank’s interaction with the private sector, recognizing its pivotal role in driving African development and African integration.
Hott presented one of the key pillars of his proposed action plan: the creation of a dedicated Bank complex, at vice presidency level, for private sector operations. This innovative approach aims to streamline and enhance the AfDB’s engagement with businesses operating across the continent, from small and medium-sized enterprises (SMEs) to large conglomerates. Currently, the Bank’s non-sovereign operations represent roughly 20% of the overall volume of its operations.
“It is only by working with the private sector that we can address debt vulnerability, enable job creation, and take the African Development Fund to the market. This dedicated vice-presidency could also become an ally in supporting countries’ endeavors to transform informal segments of their economies,” Hott told CNBC Africa’s Fifi Peters on the sidelines of the Finance in Common Summit in Cape Town this week.
By establishing this specialized complex, Hott aims to facilitate more efficient collaboration between the Bank and private businesses, and to develop tailored credit lines and guarantees towards African banks. These collaborations are aimed at supporting job creation and the growth of Africa’s private sector.
The proposed vice-presidency for private sector operations reflects Hott’s deep understanding of both African development challenges and the inner workings of the African Development Bank Group. His resume speaks to his extensive experience working at and with the Bank:
He served as the first Vice-President of the African Development Bank Group’s complex dedicated to the energy sector, climate, and green growth.
He was Governor of the Bank while serving as Senegal’s Minister of Economy, Planning and Cooperation.
He served as Special Envoy for Climate and for the Alliance for Green Infrastructure in Africa.
Additional Key Pillars of Hott’s Strategy
Amadou Hott’s visionary approach to leading the African Development Bank promises to usher in a new era of collaboration between the public and private sectors, potentially catalyzing unprecedented economic growth and development across the African continent. Hott’s comprehensive plan for the AfDB extends beyond private sector engagement, encompassing several other critical areas. These include fast-tracking the delivery of projects related to universal energy access, enhancing resource mobilization through hybrid capital, and improving institutional capacity building by strengthening the Bank’s internal capabilities to better serve its member countries.
Amadou Hott, candidat à la présidence de la BAD, propose de créer une vice-présidence dédiée au secteur privé pour renforcer l’engagement de la banque. Objectif : stimuler la croissance des PME et des grandes entreprises africaines, créer des emplois et mobiliser des fonds.
Son plan inclut aussi l’accélération des projets d’accès à l’énergie, l’amélioration de la mobilisation des ressources et le renforcement des capacités de la BAD.
