The African Development Bank (AfDB) "has profoundly transformed the continent's Africa's Economic, Social Landscape," said said Ivorian President Alassane Ouattara at the opening ceremony of the 60th Annual Meetings of the bank in Cote d'Ivoire's economic capital, Abidjan.
Addressing over 5,000 attendees, including heads of state and government, finance ministers, central bank governors, business leaders, scholars and think tank representatives from across Africa, the President highlighted that the AfDB, Since its establishment in 1964, played vital role in supporting development across the continent.
The Ivorian President also noted that cooperation projects between the Bank and his country have more than doubled in scale over the past decade. Ouattara emphasized that the institution remains a key partner in implementing his country's national development plans.
According to Ouattara, this year's theme - "Making Africa's Capital Work Better for Africa's Development," offers a platform to explore reforms and policies aimed at enhancing the efficiency of human, financial, and business capital to drive Africa's structural transformation.
"Africa possesses immense potential -- a young and talented population, attractive investment opportunities, and a bright economic outlook," he noted, calling for more effective capital deployment to accelerate the continent's shift toward a more inclusive, green, and resilient economic model.
Ouattara also commended AfDB President Akinwumi Adesina for his leadership in promoting Africa's development through the Bank's High 5s initiative: Light Up and Power Africa, Feed Africa, Industrialize Africa, Integrate Africa, and Improve the Quality of Life for the People of Africa.
President Ouattara further acknowledged the “high bar” set by Adesina, whose tenure has seen the Bank achieve historic levels of investment and impact. The new leader, he said, must “continue the vibrant work” and steer the Bank to further prominence on the global stage.
In an emotional farewell speech, the outgoing AfDB President Adesina warned of the need for the continent to stand on its own two feet.
“This is no longer a time to depend on fragments of foreign aid,” Adesina said. “Africa must unlock its own resources—human, financial, natural—and build internal value chains that drive inclusive growth.”
The AfDB President thanked Africa’s leaders and his staff for helping make a reality, the Bank’s “High 5s” strategy, which has improved the lives of 565 million Africans.
Over the past decade, the Bank has invested USD102 billion, representing 46 percent of its total funding since its creation in 1964. This includes USD55 billion in infrastructure, support for Mission300—a bold initiative to provide 300 million Africans with electricity by 2030—and USD225 billion mobilized in investment interest through the Africa Investment Forum.
The AfDB annual meeting 2025 will conclude Friday after electing next president of the bank on Thursday.