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African Development Bank Vice President Visits Sierra Leone
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Feb 26, 2009, 17:06
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The Ministry of Finance and Economic Development wishes to inform the General Public that the Vice President of the African Development Bank for Corporate Services, Madame Arunma Oteh, arrived in Freetown on Monday, 23rd February 2009 on a four day working visit to Sierra Leone. Madame Otteh, is a Nigerian national, she oversees information and Communication Technology Management, Human Resource Management, Administration and Language Services, as Vice President of the African Development Bank Group (ADB). Prior to her appointment as Vice President, she was the Group Treasurer, managing a large and varied portfolio of financial assets and liabilities for the Bank Group.

Ms. Arunma Oteh

She also held other positions in treasury and lending since joining the Bank Group in 1992. prior to joining the African Development Bank, she worked in Corporate Finance, Consulting, Teaching, and Research for a number of institutions including Harvard Institute for International Development, USA and Center Investment Limited, Nigeria.

Her main interest are uplifting Africa and in particular the women and youth. She is the co-editor of the book. African voices African Vision and speaks on various topical issues affecting Africa. She is on the Board of a number of organizations including that Advisory Board of the Africa Investor, the International Financing Facility of Immunization (IFFIm), a charity organization set up by governments to fast track immunization, a critical vehicle for achieving the Millennium Development Goals (MDGs) and the African Regional Board of Junior Achievement, a non-profit organization established in 1919 with the global economy. In December 2005 and in recognition of her contribution to society, she was conferred with the chieftaincy title Ada eji eje mba (A worthy ambassador of her people).

She holds a Masters Degree in Business Administration from Harvard University Business School, Harvard University, Boston USA, and a first class honors degree in Computer Science, from University of Nigeria Nssuka, Nigeria.

During her visit, Vice President Oteh has met with His Excellency President Ernest Bai Koroma, where they discussed pertinent bilateral issues relating to technical and financial assistance, she also met with the Minister of Finance and Economic Development and Governor of ADB, Honorable David O Carew, the Financial Secretary, and alternate Governor of the ADB, Minister of Foreign Affairs and International Cooperation, Honorable Zainab H. Bangura, minister of Energy and Power Honorable Haja Afsatu Kabba and Minister of Health and Sanitation Honorable Dr. Soccoh Kabia and Development Partners on the Banks operations in Sierra Leone. In the coming days, Vice President Oteh will visit selected Bank funded operations in Sierra Leone including the Bumbuna Hydroelectric Project. Since its commencement of operations in Sierra Leone in 1960, the Bank had made an overall disbursement of around UA222 million (SD$330m) as at December 2008. the areas of intervention of the Bank include: Energy Agriculture, Water and Sanitation, Roads, Social, Financial and Multi Sectors. In addition to the ten ongoing interventions, there are four pipeline projects worth around US$72.47m. These projects include the Bumbuna Supplemental Fund UA 10.3 million (US$15.5m), Lungi-Port Loko Road US 25.26 million (US$37.89m), Budget Support of UA 10 million (US$15m) and Water Supply and Sanitation Project UA 26.91million (US$40.4m).

African Development Bank (ADB)

Brief of ADBs Operations in Sierra Leone

Introduction

ADB commenced operations in Sierra Leone in 1969

Overall disbursement as at December 2008 stood at over UA222m (US$330m)

95% of the resources disbursed are from the concessional window of the Bank (i.e ADF)

5% of resources disbursed are from the Non-concessional window of the Bank (i.e ADB)

Areas of intervention include: Energy, Agriculture, Water and Sanitation, Roads, Social Finance and Multi Sectors.

Current Portfolio

As at January 2009, the Bank Groups portfolio has 10 ongoing intervention with total commitments amounting to US 85.78 million (US$ 128.67million). the year saw the completion of two projects and the return of two other projects to the International Fund for Agricultural Development (IFAD)

The Bank disbursed a total of UA 15.14 million (US$ 22.7m) in 2008, a significant improvement over 2007.

The portfolio is diverse in sectoral allocation and lending instruments; it includes projects and studies in infrastructure (energy and roads), social sectors (health and education), agriculture, water & sanitation and a multi-sectoral capacity building project.

Pipeline Projects

The resources under the current lending cycle (ADF XI 2008-2010) amounts to UA 72.47 million (nearly US$ 110 million). This includes our normal allocation and our facility for fragile states.

Operations being financed during the ADF XI include:

-Bumbuna Supplemental Fund UA 10.3 m (US$ 15.5m)
-Lungi-Port Loko Road UA 25.26m (US$ 37.89m)
- Budget Support of UA 10m (US$ 37.89m)
-Water Supply and Sanitation Project UA 26.91m (US$ 40.4m).

Field Office Presence

With the presence of SLFA, there has been improvement in implementation of projects and programs in the country. Procurement and disbursement problems are being resolved at a faster rate than before.

There has been improvement in country policy dialogue; condition and cooperation with other development partners, especially the EU,DFID and the World Bank.

Current Monitoring of Projects

We are keen to see project implementation moving faster. In this regard we want to see all projects fulfill their reporting and auditing obligations.

Quarterly and Annual reports-Q reports to be submitted on month after the end of the quarter (As we speak some projects are already defaulting in that regard, "Should I mention the name of those projects?")

Audit of projects reports should be ready six months after the end of the year (June 30).

We expect the process to start about now in order to meet the deadline.

Moving Forward

We have initiated the process of developing a Joint Assistant Strategy (JAS) with the World Bank. The strategy will be aligned with Government PRSP II to ensure we are supporting the Government of Sierra Leone in her development agenda.

Ms. Arunma Oteh oversees information and communications technology management, human resource management, administration, and language services, as Vice President of the African Development Bank Group (ADB). Prior to her appointment as Vice President, she was the Group Treasurer, managing a large and varied portfolio of financial assets and liabilities for the Bank Group.

She has also held other positions in treasury and lending since joining the Bank Group in 1992. prior to joining the African Development Bank she worked in corporate finance, consulting, teaching and research for a number of institutions including Harvard Institute for International Development, U.S.A and Centre Point Investments Limited, Nigeria.

Her main interests are uplifting Africa, and in particular its women and youth. She is the co-editor of the book, African Voices African Visions and speaks on various topical issues affecting Africa. She is on the board of a number of organizations, including the Advisory Board of the Africa investor, the International Financing.

Facility of Immunization (IFFIm), a charity organization set up by governments to fast track immunization, a critical vehicle for achieving the millennium development goals; and the Africa Regional Board of Junior Achievement,anon-profit organization established in 1919 with the objective of inspiring and preparing young people to succeed in the global economy. In December 2005 and in recognition of her contribution to society,she was conferred with the chieftaincy titles Ada eji eje mba(A worthy ambassador of her people).


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