Private sector indispensable to Africa’s economic growth, says African Development Report

The private sector in most African countries plays critical role to helping the continent reach its full economic and social potential, according to the latest African Development Report published by the African Development Bank (AfDB) in May 2012.

The sector is now poised to become the main engine of growth for the African continent, after being hamstrung for decades by difficult political and economic conditions and burdensome government policies, AfDB president Donald Kaberuka says in the report which examines the challenges facing the sector’s development and highlights ways to address these challenges, taking country differences into account.

“The African Development Bank is committed to addressing the constraints of private sector development, Mr Kaberuka said, adding:  “We believe that private sector development is fundamental for creating inclusive growth through employment creation.”

Bambatenda – Yellintenda Ferry Crossing Point to be Bridged

The Gambia government has now finally secured a loan from the African Development Bank (AfDB) for the construction of the Trans-Gambia Bridge, which connects both North and South of The Gambia and Senegal as well as serves as an important transport linkage for the sub-region.

The African Development Bank (AfDB) and the government of the Gambia have signed an agreement for the financing of the Multinational TransGambia Bridge & Cross-Border Improvement Project to the tune of US$96.20 Million equivalent to Gambian Dalasis (GMD) 2,909.80 billion.

Analyst said the bride, when completed, will help to create free traffic flow between the northern and southern parts of the Gambia and Senegal in order to promote free movement of persons, goods and services between the two countries and other countries of the Economic Community of West African States (ECOWAS).  This will bring to fruition plans which the governments of the Gambia and Senegal have for many years.

Abdou Kolley, Gambia's Finance Minister

Abdou Kolley, the Gambia’s Minister of Finance and Economic Affairs, said in a statement issued by his ministry on Monday, that the construction of the bridge will allow free traffic flow between the northern and southern parts of both The Gambia and Senegal.

The project will therefore reduce travel time, boost trade and reinforce cohesion among communities which were previously isolated. It will also facilitate the transportation of agricultural products to markets reducing post-harvest losses and boosting socio-economic activities.