African Development Bank President Donald Kaberuka named African of the Year 2013 by Africa’s media

African Development Bank President Donald Kaberuka. PHOTO/File

African Development Bank President Donald Kaberuka was last week named African of the year by Africa’s media in recognition of his innovative idea which led to the establishment of “Africa 50 Fund” to speed up the financing of infrastructure in Africa.

The Africa 50 fund is an African-funded model that is reducing donor dependence in delivering big infrastructure projects. The Africa 50 fund, which is heavily backed by African Union, the Economic Commission for Africa and other key development financiers on the continent, was first mooted last year. It seeks to raise money for transformational development projects from African central bank reserves, pension and sovereign wealth funds, the African Diaspora and high net worth individuals on the continent.

According to a former Secretary General of the Organization of African Unity (now African Union), Salim Ahmed Salim, Kaberuka has done Africa proud by his idea of a domestically-financed development, more so as the African Union marks its 50th anniversary this year.

He added that Africans must take ownership of the continent’s infrastructure development through an economic strategy that places the funding equity in the hands of Africans. “Such an equity ownership”, he stressed, “will send a strong signal to developers and financiers about the commitment of African countries to address the continent’s infrastructure challenges”.

The prize sum of US$50,000 is sponsored by Nigerian media house “Daily Trust” and will be presented at a ceremony slated for January 15 in Nigeria’s capital Abuja.

Donald Kaberuka, a Rwandan economist, is currently serving his second and final 5-year term as President of the African Development Bank.

Past winners of the award include: former South African President, Thabo Mbeki – 2012; former Chief Justice of Niger, Fatimata Salifou Bazeye – 2011; South African entrepreneur, Danny Joordan – 2010; late Nigerian journalist and pan-Africanist, Tajudeen Abdul-Raheem – 2009 and front line doctor, Denis Mukwege of the Democratic Republic of Congo in 2008.