DR CEO Hannah Ryder.
It is essential that the next World Bank President focuses on boosting Africa’s infrastructure profile in the global financial institution’s support to the continent, according to economist and Chief Executive Officer of Development Reimagined (DR), Hannah Ryder.
She noted that infrastructure is crucial to the growth and development of the continent.
The advisory follows the nomination by the United States (US) of Indian American business executive Ajaypal Banga to be the next President of the World Bank.
This move by the US puts huge certainty on the Bank’s Board confirming Banga’s appointment.
Consequently, the development finance community is on the lookout for his agenda.
Noting that Banga has never worked in a Multilateral Development Bank (MDB) or ran any before, Ryder advised him to take a cue from the development-oriented and impactful initiatives of the President of the African Development Bank (AfDB), Dr. Akinwumi Adesina.
In her words: “Since Banga has never worked in an MDB, I have one piece of advice for him. Before he decides on his approach, he should speak to Adesina, AfDB President.
“For instance, over the 2019-20 fiscal year (mostly before the COVID-19 pandemic), the world Bank disbursed 14.5 billion dollars to Africa.
“But only a small proportion of this went to building new infrastructure.
“In comparison, the AfDB disbursed 5.1 billion dollars, the vast majority of which went to infrastructure. This was the right thing to do, infrastructure is crucial.”
In spite of the size, Africa, according to the DR boss, still lacks the logistical and energy infrastructure needed to be able to trade efficiently.
She further said that Africa also lacked the necessary infrastructure to manufacture pharmaceuticals on the scale that China and India do to ensure their health sovereignty.
“The continent exports more fertiliser than it imports in spite its need to improve the quality of food production.
“This is partly because the existing logistical infrastructure, which the world Bank provides small loans to rehabilitate, is mostly oriented to trade outside Africa.
“It will be crucial for Banga to understand how the Asian Infrastructure Investment Bank (AIIB), AfDB and other regional MDBs deliver better finance for their regions in times of crisis,” she said.
On what the AfDB President might tell Banga, the expert said that the bank was obliged to rely less on country teams.
According to her, AfDB staff unlike the World bank, are more diverse, with different theories about development, and its board structure is more recipient-dominated.
Ryder restated that learning from regional banks like AfDB would ensure the possibility and feasibility for greater contribution to growing the African continent.
Described as a pioneering international development consultancy and the first Kenyan wholly foreign-owned enterprise in Beijing, China, DR has built a niche in providing strategic advice and practical support to African, Chinese, and international stakeholders on issues ranging from the Belt and Road Initiative to Africa’s growth markets to green growth and China’s foreign aid.
Ryder also sits on the Executive Board of the British Chamber of Commerce in China and has played various advisory roles for the United Nations (UN).
An economist by training, she is a former diplomat, and has close to 20 years of experience.
She is the recipient of numerous awards and is regularly invited to write for and talk with global media outlets such as Bloomberg, Project Syndicate, Financial Times, Quartz Africa, and the Diplomat.
In 2006, she coauthored the Stern Review of the Economics of Climate Change.
She is fluent in English and also speaks Chinese, French, and Kiswahili.
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