The African Development Bank (AfDB) in partnership with the United Nations Industrial Development Organization (UNIDO) will support five countries with industrial policies to help boost development in the region.
Alhassane Haidara, manager, Industrial Development disclosed this in an interview with the News Agency of Nigeria (NAN) in Abidjan, where he named the five countries to include Nigeria, Senegal, Ethiopia, Morrocco, and Algeria.
Haidara said the bank in partnership with UNIDO will help the countries in developing policies that will drive industrial development in various sectors of the economy.
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This, according to him, would go a long way to boost economic development and increase Foreign Direct Investment.
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 bank’s 2018 Annual meeting to be held in Busan, Korea from May 21st to 25th, is themed “Industrializing Africa,” one of the high fives priority projects of the bank which majorly focused on how best to transform Africa.