Africa Must Finance its Own Development

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The outgoing president of the African Development Bank has said Africa must now begin to take initiative of its development and the future of its people. He said it is the responsibility of the continent’s leaders to make that happen as there is no need to depend on the outside world as it has been the status quo taking into consideration the continent’s natural endowment and potentials.

"Unlike the Millennium Development Goals, which assumed that a large part of the financing would be from outside, this time around, the African position is totally from the opposite end," Kaberuka said during his final meeting of the joint WB Group/IMF Development Committee, where the United Nations Secretary-General Ban Ki-moon made history by being the first UN boss to attend the occasion.

"We have a responsibility to fund our own development. That requires good policies; it requires capacity," Kaberuka said.

Dr. Kaberuka was speaking at an honoring program organized by Africare in his honor in the United States. The ceremony was a side attraction to the World Bank’s Spring Meetings.

Kaberuka, who has successfully served his second term as the AfDB president, was giving his last public and farewell statements as official head of the AfDB,  having served the institution for ten years after being initially elected in 2005. He said he is now going into retirement.

Dr. Kaberuka, throughout the week-long WBG meetings, delivered targeted messages to heads of multilateral development banks, political leaders and other financial and economic power players from around the world on how the AfDB is poised to help.

 During presentations and keynote addresses at the Woodrow Wilson Center, the Brookings Institute, The National Press Club and more, he talked about the importance of stemming illicit flows, creating a single market system for the continent and helping Africa's 54 countries mobilize internal resources, a dispatch said.

Kaberuka's years of dedicated service to help improve the lives of Africans across the continent did not go unnoticed at the Spring Meetings. At the conclusion of the Development Committee Meeting, he received a standing ovation from participants for his 10 years of service to the AfDB.

Through his leadership, the AfDB has helped and continues to help bring hope to its many impoverished citizens through vibrant economic programs in its member countries. Liberia has been one of his noticeable beneficiaries. The Bank is helping to improve infrastructural development in the country.

The Spring Meetings week was one of numerous accolades and recognition for the veteran banker. He was presented the AllAfrica's "Champion Award". World Bank Group President Jim Kim hosted a special reception in his honor. On Friday evening, April 17, Kaberuka received the "Creating Opportunities for Development in Africa Leadership Award" from Africare.

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