The continental development leader, the Africa Development Bank (AfDB) has cut Africa's economic growth for 2024, citing volatile global geopolitical and climatic landscape.
The bank has protected Africa's economic growth to expand to 3.7 per cent this year and 4.3 per cent in 2025 from 3.1 per cent in 2023.
It has earlier projected the region's economy to grow by 3.8 per cent on easing inflation.
On Wednesday, AfDB President Akinwumi Adesina said African economies are experiencing great resilience despite the challenges posed by climate change, geopolitical tensions, global inflation, and rising debt, among others.
The president who is due to exit the bank next year told the annual meeting of the bank in Nairobi that the continent needs to aim self self-reliance and quickly adopt effective partnerships so as not to suffer the most in the face of office global turbulences.
The bank is calling for a collective responsibility to fix the continent's social and economic necessities, especially credit and infrastructure.
Adesina said AfDB is leading the way by funding various infrastructural projects among other things, helping to raise $3.2 billion for the East Africa standard gauge railway linking Tanzania, Democratic Republic of Congo and Burundi.
It is also providing $500 million towards the development of the Lobito Corridor to connect Zambia, Angola and the Democratic Republic of Congo.
"We are mobilising $375 million for financing the railway link in Nigeria to Niger Republic," Adesina said.
It is also mobilising $3.5 billion to $5 billion towards the development of the corridor that will link Liberia and Guinea.