AfDB pledges to ignite economic growth and innovation in Eritrea

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The African Development Bank has pledged its support to ignite economic growth and innovation in Eritrea. Dr. Akinwumi Adesina, the President of AfDB, recently visited Eritrea and expressed his admiration for the nation’s sense of purpose, determination, and impressive homegrown talent.

During his visit, Dr. Adesina outlined key areas where AfDB intends to lend its expertise and resources to propel Eritrea towards greater economic prosperity and innovation

AfDB pledges to ignite economic growth and innovation in Eritrea
Akinwumi Adesina, president of the African Development Bank. Photo by: AfDB

One of the cornerstones of this partnership is the development of Eritrea’s blue economy. AfDB aims to tap into the vast potential of Eritrea’s coastal resources by focusing on aquaculture, marine resources, and the fishing sector. This collaboration promises to enhance sustainable practices while simultaneously boosting the nation’s economy.

Eritrea is set to benefit from the establishment of special agro-industrial processing zones, which will provide the necessary infrastructure and resources for processing packaged food and fruits for export. By adding value to agricultural products, Eritrea can access broader international markets and increase its export potential. This initiative will contribute to the overall economic growth of the country.

Furthermore, AfDB will support Eritrea in expanding its agricultural endeavours. This includes bolstering horticulture production, with an emphasis on flower cultivation for regional and international markets. These initiatives not only stimulate economic growth but also enhance food security and provide employment opportunities for the local population.

Eritrea’s commitment to harnessing renewable energy sources, such as solar and wind power, aligns perfectly with the goals of AfDB. This partnership aims to strengthen the nation’s energy infrastructure and make strides towards sustainability. Investing in renewable energy not only decreases the nation’s reliance on fossil fuels but also has long-term economic benefits by reducing energy costs and creating a more environmentally friendly society.

Dr. Adesina was impressed by Eritrea’s innovative approach to water management, which deviates from the conventional pivot irrigation method. The nation has pioneered top-down irrigation techniques, demonstrating remarkable ingenuity. Eritrea’s local engineers are also constructing a massive dam, showcasing their exceptional talent and self-reliance.

AfDB pledges to ignite economic growth and innovation in Eritrea
African Development Bank President, Akinwumi Adesina (left) met with Eritrean President Isaias Afwerki in Asmara to strengthen their partnership to support the country’s growth.

AfDB is committed to nurturing Eritrea’s talent and skills. The nation’s students and professionals have demonstrated remarkable capabilities in constructing water tanks and developing engineering expertise. AfDB pledges to support skills and capacity development in Eritrea, enabling the nation to extend its influence and expertise to other African countries.

The collaboration between AfDB and Eritrea is essential in driving economic growth and innovation in the country. AfDB’s expertise and resources will greatly contribute to the development of key sectors, such as the blue economy, agriculture, and renewable energy. By leveraging Eritrea’s potential and tapping into its homegrown talent, this partnership aims to create a more prosperous and sustainable future for the nation.

Ericson Mangoli
Ericson Mangoli is the founder and Managing Editor of Who Owns Africa, a platform for African journalism that focuses on politics, governance, and business. Mangoli is passionate about African stories and believes that media has a crucial role to play in driving the continent's development. In his work, he strives to promote accuracy and objective reporting on Africa.

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