The African Development Bank held its yearly meeting in Shanghai, China earlier this month. The bank's chief economist announced the economic growth rate in Africa is expected to reach 6% this year. This is the highest in 20 years. Foreign demand for natural resources, especially oil, has helped create the growth.
Dennis de Tray is vice president of the Center for Global Development in Washington, D.C. He says that 6% economic growth in Africa is good. But he says long-term development on the continent will be a problem for generations.
Mister de Tray led a working group last year that provided independent advice to the bank's shareholders and its president, Donald Kaberuka. The Rwandaneconomist took over leadership of the African bank in 2005. 10 years earlier, the economic security of the African Development Bank had been in question. It was almost out of money.
Mister de Tray says needed reforms at the African bank are different from reforms announced at a meeting of the Asian Development Bank. That bank met earlier this month in Kyoto, Japan. Mister de Tray believes the Asian Development Bank is facing an identity" class="hjdict" word="identity" target=_blank>identitycrisis. The countries receiving the most money are becoming established nations with rich resources.