Akinwumi Adesina,president of the African Development Bank (AfDB) has proposed that African countries establish a security index investment bond to help reinforce their security architecture
Addressing heads of state of the Economic Community of West African States (ECOWAS) at its 59th ordinary session on Saturday (19 June) in Accra, Dr Adesina also urged the leaders to link security to efforts aimed at shoring up investment, growth and development.
He said the security index investment bond, which would be managed through special-purpose vehicles, to take advantage of long-term interest rates which would “allow Africa to leverage resources on the global capital markets to reinforce its security”.
Revenue stream
“The revenue streams from the security index investment bonds can be used to, first, reinforce the security architecture of African countries and support dual-purpose infrastructure to enhance national and regional peacekeeping and security capabilities.
“Secondly, build destroyed or damaged infrastructure in conflict-affected areas and finance new investment projects to relaunch economic activities and create jobs in areas prone to security challenges.
“Thirdly, build social infrastructure for the populations, especially water, sanitation, schools, health, roads, ICT and agricultural infrastructure to improve access to basic services to support community livelihoods in fragile environments. And fourthly, protect strategic investments within countries or regions,” the AfDB boss said.
“The security index investment bonds can be delivered through special-purpose vehicles established on behalf of a pool of regional member countries. The bonds can be credited enhanced by the African Development Bank and other donors …
“The administration of the bond can be managed under the auspices of the African Union’s Peace and Security Council and regional economic communities, which includes the ECOWAS Commission. Then, Your Excellencies, we can sleep with our eyes closed to wake up the next morning, ready again to work relentlessly for Africa’s assured destiny of prosperity,” Adesina said.
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