Regional integration fundamental

Regional integration provides the underpinning for private sector development and economic diversification.

This is an area that has the full backing of African nations.

On Sunday, the Ministers and Governors at the Committee of Ten Ministers of Finance and Governors Meeting unanimously agreed that regional economic integration is central to Africa’s sustained growth.

Indeed, we heard from BEAC that in regions such as French speaking West Africa, unity was a source of resilience.

Since the turn of this decade, we have invested close to $9 billion, making the Bank the largest financier in the domain in Africa.

Regional operations are more complex and imply higher transaction costs in preparation, coordination, and close monitoring.

Regional integration is fundamental in ensuring Africa’s convergence with the rest of the world, and in facilitating growth on the continent.

We must learn how to do better as we do more – in partnership with others – but this is the Bank on whose shoulders lies this historic responsibility.

ADB needs to be relevant to all its Regional Member Countries (RMCs), and that includes fragile states.

These are states in need of our expertise and support.

We must continue to uphold the vision and boldness the Deputies had when they founded this initiative.

We must use all available instruments to respond to the needs of these states, including public support six instruments; of course tailoring the response to the circumstances.

The risk of operating in these states is high, but even higher is the return or the cost of failure.

We must therefore always and at all times continue to seek ways to mitigate the risks associated in operating in these fragile environments.

Under ADF-12, the Bank will continue to support these countries in rebuilding fractured institutions, infrastructure rehabilitation, capacity, and arrears clearance.