Afrikaan Development Bank has announced it will launch a new Africa development bank, the first one to be launched in the continent.
The bank, established in 2011, aims to increase the participation of Africans in the global economy.
The new Africa Development Bank, which will be headed by the Africa Development Institute, will focus on Africa’s emerging markets and the role they play in the African economy.
Its chief executive, Dr Ngozi Okonjo-Iweala, said the new bank will help Africans to become more self-sufficient, improve their lives and realise their aspirations.
The African Development Institute will be responsible for developing the new African Development Bank.
Its goal is to encourage Africa to become a global hub of innovation, entrepreneurship and development.
It is expected to start work on the new Africa bank in 2019.