2023-05-26 14:41:27
The 58th Annual Meetings of the African Development Bank (BAD), organized since May 22 in Sharm El Sheikh, ended on Friday, with a call for the need to mobilize private investment for sustainable and resilient growth in Africa.
Placed under the theme “Mobilizing private sector finance for climate and green growth in Africa”, these Assemblies were an opportunity to reflect on ways to mobilize more solidly the private investment, which Africa needs to reach its urgent climate change adaptation and mitigation goals.
The governors, representing the 54 African countries and the 27 non-regional member countries of the institution, had a high-level dialogue with the President of the Bank, Akinwumi Adesina and his team, which was attended by the Minister of Economy and Finance, Nadia Fettah, who led a Moroccan delegation, in her capacity as AfDB Governor for Morocco.
In this context, the governors discussed in particular the current transformation of the international financial architecture and the way in which this evolution can modify the essential role of multilateral development institutions.
Read also: Morocco / AfDB: common desire to further strengthen an exemplary partnership
On this occasion, African ministers of finance, planning and economic development called for reforms of the Special Drawing Rights (SDR) system of the International Monetary Fund (IMF) in order to strengthen the global financial safety net and to make more liquidity available to developing countries.
To attract and stimulate private investment in Africa, the AfDB believes that the development of regulations, standards and policies, in close collaboration with multilateral development banks (MDBs) and development finance institutions (DFIs), can guide potential investors, noting that the increased use of blended finance instruments can reduce the risks associated with investments for climate action and green growth.
These meetings were marked by the publication of several AfDB reports, including the African Economic Outlook 2023 report and the Annual Development Effectiveness Review.
The 59th Annual Meetings of the AfDB will be held at the end of May 2023 in Nairobi, Kenya.
The Annual Meetings are the AfDB’s most important event. They bring together around 3,000 delegates and participants each year.
They allow the institution to take stock, with its shareholders, of the progress made and constitute a unique forum for discussion on key issues concerning the development of Africa for representatives of governments, businesses, society. civil society, think tanks, universities and the media.
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