The African Development Bank (AfDB) says it will support five countries with industrial policies to help boost development in the region.
Mr. Alhassane Haidara, Manager, Industrial Development disclosed this in an interview with newsmen in Abidjan.
He named the five countries to include Nigeria, Senegal, Ethiopia, Morrocco and Algeria.
According to him, the bank in partnership with the United Nations Industrial Development Organization (UNIDO) will help the countries in developing policies that will drive industrial development in various sectors of the economy.
This, he said would go a long way to boost economic development and increase Foreign Direct Investment (FDI).
He said the bank would also through the policies support capital markets by boosting the market liquidity.
He added that the policies would support the growth of Small businesses adding that industrial clusters would be established in all the five regions in Africa.
“This project is going to be in a pilot scheme, if we are successful with the five countries, we will replicate in many other countries in the region,’’ he said
The theme for the bank’s 2018 annual meeting is “Industrializing Africa’’
The annual meeting will be held in Busan, South Korea from May 21st to 25th.
The theme is one of the high fives priority projects of the bank which majorly focused on how best to transform Africa.