BREAKING NEWS

Transparency: AfDB Ranks 4th Among 47 Global Development Institutions

AfDB Ranks 4th

Transparency: AfDB Ranks 4th Among 47 Global Development Institutions

A global campaign for aid and development transparency, Publish What You Fund, has ranked the African Development Bank (AfDB) fourth on its aid transparency index (ATI).

The AfDB was placed in the highest category of transparency in an index that ranked the Asian Development Bank first, with the International Development Association of the World Bank and the United Nations Development Programme (UNDP) taking the second and third positions.

A statement by media relations officer with the bank, Emeka Anuforo, noted that 47 global development institutions were considered in the ranking.

This is even as the World Bank yesterday announced a $750 million International Development Association (IDA) credit for Nigeria’s Power Sector Recovery Operation (PSRO) to improve electricity supply.

The African Development Bank was in the news recently when the United States Treasury secretary, Steven Mnuchin, called for an independent probe of allegations by a group of whistleblowers against the AfDB president, Dr Akinwumi Adesina.

But applauding the AfDB for coming in the global transparency rating, CEO of Publish What You Fund, Gary Forster, stated: “We congratulate the African Development Bank – Sovereign Portfolio on achieving 4th place in the 2020 Aid Transparency Index.

ALSO READ:

“As large quantities of aid are being reallocated to deal with the  COVID-19 emergency, the transparency of international aid is more important than ever”.

The organisation has been producing the index each year since 2011.

Publish What You Fund ranked AfDB ‘very good’, the highest of the five categories used to assess organisations’ transparency.

The ranking is based on several criteria, including finance an budgets, basic information data, organisational planning and performance.

In the new Index, which covers 2019, the AfDB scored 95.5 out of 100 on transparency, a significant improvement on its score for 2018.

Gary Forster further said, “It is promising to see an increase in the quantity, quality and timeliness of aid data now being shared by a broad cross section of the world’s major aid agencies.

“As we work together to fill the gaps in the aid data landscape, we look forward to exploring how we can best meet the demand for data and data engagement”.

The institution’s commitment to total transparency is illustrated by MapAfrica, a web-based platform that maps all of the Bank’s investments across the African continent.

“I am absolutely delighted with this achievement!” said Swazi Tshabalala, acting senior vice president for the African Development Bank Group.

“It crowns this institution’s commitment to transparency at a time  when it has never been so important. With such large volumes of funding now being assigned to combat the Covid-19 pandemic, it is crucial for our citizens to know how much, where and when the African Development Bank is investing in Africa’s development”, Foster added.

Meanwhile, the World Bank, in announcing the $750 million IDA credit for Nigeria’s Power Sector Recovery Operation (PSRO), said the target is to achieve financial and fiscal sustainability and enhance accountability in Nigeria’s power sector.

In a statement that was issued yesterday, the World Bank explained that about 47 per cent of Nigerians did not have access to grid electricity and those who had access, faced regular power cuts.

According to the bank, the economic cost of power shortages in Nigeria is estimated at around 28 billion dollars, which is equivalent to two per cent of its Gross Domestic Product (GDP).

It stated that getting access to electricity was one of the major constraints for the private sector according to the Ease of Doing  Business report.

It added that improving power sector performance, particularly in the non-oil sectors of manufacturing and services, would  be central to unlocking economic growth post COVID-19.

World Bank Country director for Nigeria, Shubham Chaudhuri said, “Lack of reliable power has stifled economic activity and private investment and job creation. This is ultimately what is needed to lift 100 million Nigerians out of poverty.

Chaudhuri said the objective of this operation is to help turn around the power sector and set it on a fiscally sustainable path. This is particularly urgent at a time when the government needs all the fiscal resources it can marshal to help protect lives and livelihoods amid the COVID-19 pandemic”.

The bank noted that PSRO would provide results-based financing to support the implementation of the Government’s Power Sector Recovery Programme (PSRP).

It further explained that the PSRP was a comprehensive programme to restore the power sector’s financial viability, improve service delivery and reduce its fiscal burden.

“The PSRO is expected to increase annual electricity supplied to the distribution grid, enhance power sector financial viability while reducing annual tariff shortfalls and protecting the poor from the  wwimpact of tariff adjustments”. It stated.

The expectation is that the action will enable the turnaround of power sector while helping the Federal Government to redirect large fiscal resources from highly regressive tariff shortfall financing towards critical crisis-responsive and pro-poor expenditures.

It will also increase public awareness about ongoing power sector reforms and performance.

“Specifically, the PSRO will ensure that 4,500 mwh/hour of electricity is supplied to the distribution grid by 2022 by strengthening the regulatory, policy and financing framework”, he said, adding that it will also enhance the accountability and financial viability of the sector, helping the sector create a track record of sustainable operation necessary for unlocking much needed private investments in the future.

Be the first to comment

Leave a Reply

Your email address will not be published.


*


This site uses Akismet to reduce spam. Learn how your comment data is processed.