Donald Kaberuka, president of the Africa n Development Bank (ADB), has called for sustained economic growth of Africa during the bank's annual board meetings held in Shanghai from May 16 and 17.
Figures from the bank show that the Africa n economy grew at an annual average of 5.5 percent since 2000, and the economic growth for 2007 is forecast above 6.5 percent.
"Africa is better poised for economic prosperity and better governance than it has been for decades," Kaberuka said.
However, he warned that millions of Africa ns still live in countries with economies which are stagnating, contracting or barely keeping up with population. In this sense, the Africa n economy remains vulnerable and at a low base.
Peaceful environment and constant reforms are "crucial" for sustained economic growth of Africa , he said.
The continent also needs more effective management on debts and natural resources as well as better infrastructure, he said.
"Many countries have benefited from windfalls for higher world market prices of oil, mineral and soft commodities, but windfalls cannot be forever," the president said.
The board meetings are another significant Africa -related event in China, following the Beijing Summit of the China-Africa Cooperation Forum held in November 2006.
Themed "Africa n and Asia: Partners in Development", the meetings focus on infrastructure development in Africa, regional integrity and poverty relief.
Founded in 1964, the ADB has 77 members from Africa, America, Europe and Asia. China became its member in 1985.
(Xinhua News Agency May 17, 2007)
