The African Development Bank (AfDB) Group says its annual private sector investment lending has increased from about 300 million dollars to two billion dollars in ten years.

The bank’s Communication and External Relations Department made this known in a statement on Monday.

According  to  the bank’s Senior Vice President, Charles Boamah,  the development represents the fastest growing segment of the bank’s operations.

“Overall, our approach will be driven by a desire to remain more attentive to our clients’ needs while becoming more responsive and efficient by leveraging our on-ground presence in regional member countries,” he said.

Boamah said through AfDB various instruments and platforms such as the Africa Investment Forum, the bank would continue to be proactive in identifying and developing viable projects on the continent with its partners in the private sector.

The bank’s senior official spoke on Monday at a workshop to share its approach to private sector funding through its new policy on Non-Sovereign Operations (NSO Policy) in Abidjan.

According to AfDB, the policy provides the general framework and modalities required for bank lending and investment without sovereign guarantee to private and public entities that meet specific eligibility requirements on non-concessional terms.