Gerry Horkan (Fianna Fail) | Oireachtas source

I thank the Minister of State for outlining, very comprehensively, what is proposed in the Finance (African Development (Bank and Fund) and Miscellaneous Provisions) Bill 2018. I have quite a long set of briefing notes here but they are very much in line with what the Minister of State said.

This is a very important Bill, which my party supports. In ways, it is quite similar the Asian Infrastructure Investment Bank Act 2017. The overarching objective of the bank is to spur sustainable economic development and social progress in its regional member countries, thus contributing to poverty reduction. In many ways, the development bank is similar to the European Investment Bank, with which we are more familiar. The bank gets its money from the members' subscriptions and lends it out to projects. The Minister of State has outlined that it is quite a sizeable organisation in terms of the amount of money invested, the capital stock being €79 billion, with disbursements in 2017 peaking at €6.6 billion for project approvals, amounting to €7.5 billion across 249 operations.

There is also the African Development Fund, which is a concessional window of the African Development Bank Group established in 1972 and operational since 1974. Administered by the bank, it has 32 contributing countries, benefits 38 countries and has cumulatively invested $45 billion over its 44 years of operation in Africa. This is important as some people may ask why Ireland would get involved in this. Investing in these institutions will reinforce our political, developmental, economic, trade and cultural relationships with Africa.

From a trade and economic perspective, Africa represents a growing market for Irish businesses. Exports to Algeria increased to over €100 million in 2017, to Nigeria to €279 million and to South Africa to €243 million. Imports have also grown in recent years. A growing and prosperous Africa will give rise to better business opportunities for Irish businesses. I do not want to talk about Brexit all the time, but in the context of markets other than the UK, Africa is certainly there and we should look at it as a market for our products and indeed a source of raw material and products that we may want to buy.

Ireland has a long and proud history of missionary work in Africa, in which our various NGOs have been involved over the years. I will not list them all but I refer to the likes of GOAL, Gorta, Trócaire and everyone who has been involved in these organisations and indeed the religious orders, such as the Christian Brothers, which went to Africa and provided much education there over the years.

I do not want to delay by repeating almost all of what the Minister of State said. My party will support the Bill. We are in favour of it. It is a good idea to be involved with the African continent and to try to promote its development and the reduction and eradication of poverty over time. Whatever this bank can do, Ireland will play a small part in its overall operation.I support the passing of this legislation.