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Business Reporter
THE African Development Bank (AfDB) and the Southern African Development Community (Sadc) have agreed to work together to spearhead the implementation of the regional industrialisation agenda aimed at unlocking more opportunities and foster economic integration. Sadc executive secretary Stergomena Lawrence Tax and the AfDB president Akinwumi Ayodeji Adesina met in Zambia last week and agreed the two institutions would strongly focus on industrialisation as the region’s major priority.

The objective of the meeting, which coincided with the just ended 2016 AfDB annual meetings in Lusaka, was a follow-up on the meeting between the Sadc ministers of finance and the AfDB president held in October 2015 in Lima, Peru where discussion on cooperation and collaboration between the AfDB and Sadc in the implementation of the Sadc regional priorities was tabled.

“The meeting noted that the AfDB “high 5” initiatives are in line with the Sadc regional priorities as outlined in the Revised Regional Indicative Strategic Development Plan (RISDP) 2015-2020,” said Sadc in a notice on its website.

“It was agreed that cooperation between Sadc and the AfDB would be on a programmatic approach, focusing on industrialisation as the region’s major priority.”

The “high 5s” are priorities intended to accelerate the implementation of the bank’s 10-year strategy whose goals are to: light up and power Africa, feed Africa, industrialise Africa, integrate Africa and improve the quality of life for African people.

The regional body has said collaborative efforts between the two will be anchored on the three Sadc industrialisation pillars of revitalising regional integration, enhancing competitiveness, and fostering industrialisation.

It said specific attention would be given to projects that will address binding constraints, notably in infrastructure in areas such as energy, ICT, transportation, water as well as areas that will enhance competitiveness and facilitate industrialisation especially in agro-processing and downstream processing, mineral beneficiation, and in national, regional and global value chains. Sadc has said this programme would buttress its Industrialisation Strategy and Roadmap 2015-2063 as well as the Regional Infrastructure Development Master plan (RIDMP).

“The president of the AfDB re-affirmed the bank’s commitment to fast truck the operationalisation of the INGA power project as part of AfDB power Africa initiative, and a Sadc project under the Sadc RIDMP,” said Sadc.

The meeting further noted the devastating effects of climate change, noting that some of the Sadc countries were affected by severe drought and El Nino conditions, which poses a risk to risk of food insecurity.

To this effect, Sadc appreciated the bank’s announcement to provide financing of $549 million to support African countries to address the adverse effects of droughts and reduce vulnerability. Both parties agreed to solicit additional funds to address climate change impacts.

The meeting between Tax and Adesina was preceded by a technical meeting between the Sadc secretariat, the AfDB executive directors and senior staff held on Monday, May 23, 2016 in Lusaka.