2023-04-25 13:30:45
The Governors of the African Development Bank Group (BAD) will tackle three strategic challenges when they meet next month for the Group’s Annual Meetings, said Vincent Nhemielle, the Group’s General Secretary.
The challenges facing Africa in the coming year are many: financing a low-carbon development path that ensures growth and inclusiveness, while achieving the continent’s climate goals, put adaptation to climate change at the heart of economic policies, and unleash Africa’s potential to fight food insecurity and feed itself, he stressed.
Vincent Nhemielle was speaking at a press conference, held on April 20, to give an idea of the agenda of the Annual Meetings, which are taking place in Egypt, from May 23 to 26, said a press release on Tuesday. the AfDB.
The event, held in a hybrid format under the auspices of the Secretary General, allowed journalists to learn regarding areas of interest at the most important event of the year for the institution, announces the same source.
Read also: Annual Meetings / AfDB: focus on mobilizing the private sector for the climate
Five of the Bank’s Vice Presidents participated in the press conference, including Kevin Chika Urama, Chief Economist and Vice President in charge of Economic Governance and Knowledge Management, Marie Laure Akin-Olugbade, Vice President in charge of Regional Development, Integration and Service Delivery, Solomon Quaynor, Vice President for Private Sector, Infrastructure and Industrialization, and Beth Dunford, Vice President for Agriculture and Human Development and social.
Mr. Quaynor noted that African governments today have little fiscal space, due to the “black swan” events that have occurred over the past three years. These include the impact of Covid-19 and Russia’s invasion of Ukraine, both of which have global repercussions.
“Given that we still have to deal with the impacts of climate change, we really need to look for alternatives to take advantage of limited fiscal space and also find innovative ways to attract private sector investment,” said Mr Quaynor.
The AfDB official spoke of the growing importance given to resource mobilization within African countries. As an example, he cited the partnership between the Bank and the African Sovereign Investors Forum, concluded last June.
As in previous years, the Annual Meetings will be marked by the launch of the African Economic Outlook 2023 report, noted Mr. Urama, noting that this flagship publication of the Bank, which will address the same theme, will examine ways to harness Africa’s abundant natural capital – including rivers, coasts and peatlands – to support its development and economic growth.
The Annual Meetings are the most important statutory event of the year for the AfDB Group, attracting some 3,000 participants.
With MAP
1682429978
#Private #sector #crucial #filling #Africas #severe #investment #gaps #AfDB
