The African Development Bank (AfDB) has deepened its collaboration with Eritrea to support the nation’s growth and foster a path toward sustainable development in the coming years.
Dr. Akinwumi Adesina, President of the African Development Bank, recently reaffirmed the Bank’s commitment to assisting Eritrea in achieving its development objectives, including self-reliance.
During his visit to Eritrea, Adesina highlighted the significant role of the African Development Bank as a key partner in various sectors, including energy, water and sanitation, agriculture, skills and capacity development, and economic and financial governance.
He expressed admiration for the passion, resilience, and self-reliance of the Eritrean people.
Adesina noted that Eritrea had achieved remarkable milestones in governance and healthcare, with zero corruption reported and pharmaceutical capacity meeting global standards set by the World Health Organization (WHO).
He commended President Isaias Afwerki for his consistent engagement with the African Development Bank over nearly three decades since Eritrea’s membership.
Adesina also acknowledged the remarkable engineering capabilities of Eritrea and expressed a desire to share these skills with other African nations.
He emphasized the Bank’s commitment to supporting Eritrea’s economic transformation and prosperity.
He proposed prioritizing agro-industrialization to enhance the agricultural sector and ensure food security.
Adesina introduced the African Development Bank’s Special Agro-Industrial Processing Zones initiative as a model for transforming Eritrea’s rural communities into thriving economic zones, with a focus on commercial agriculture and food production.
Eritrean President Isaias Afwerki expressed gratitude to President Adesina and the African Development Bank Group for their strategic role in improving the lives of the Eritrean people.
He identified the Bank as the preferred partner for driving rapid socio-economic development and transitioning the economy from subsistence to industrialization.
President Afwerki emphasized the importance of expanding collaboration with the African Development Bank on a sustainable level.
He called for increased resources for the Bank and its strengthening to support Africa’s development priorities.
Afwerki also highlighted the need for additional support in critical areas, including fishing communities, agriculture, skills development for self-sufficiency, and integrated infrastructure to maximize the potential of Eritrea’s abundant potash deposits.
In April, the African Development Bank approved a significant financing grant of US$49.92 million for the construction of a 30-megawatt solar photovoltaic power plant in Dekemhare, marking the Bank’s largest investment in Eritrea.
This project is expected to greatly enhance access to energy in the country and contribute to Eritrea’s goal of generating 360 megawatts of electricity by 2030.
The peace and cooperation agreement signed with Ethiopia in 2018 marked a significant turning point for Eritrea, ending years of conflict and international isolation, ultimately promoting economic development and growth in the nation.