African Development Bank (AfDB), said it would leverage on the private sector to address the various financial gaps on the continent.
1st Vice President for the Economic Governance and Knowledge Management Complex of the bank, Prof. Kelvin Urama ,said this during the virtual Pre-Annual Meetings media conference on Thursday.
The briefing was organised to herald the bank’s annual meetings, scheduled to hold from May 22 to May 27 in Sham El Sheikh, Egypt.
The theme of the meeting is, “Mobilising Private Sector Financing for Climate and Green Growth in Africa.’’
According to Urama, the need for financing for Africa is very humongous for the public sector financing to meet those demands.
“This year, the bank will focus on how to leverage the private sector to address the financial gaps for achieving the paramount actions and bring good transitions on the continent.
“To do this, we have structured five different and very interesting knowledge events for the meeting, one of them is the presidential dialogue.
“This will feature our heads of state having a dialogue with the bank’s president on the changing global financial architecture and the role of the multilateral development banks.
“How do we position the MDBs and the MDB reforms within the era of trying to mobilise financing more for Africa to reach all the financing gaps we had already highlighted?”
Urama said there would be an inauguration of the African Economic Outlook 2023 which will focus again on mobilising private sector financing for climate change and green growth in Africa.
He said, “Here, the report will have key areas on looking at the macro-economic performance and outlook on the continent.
“It will also examine youth innovative financing mechanisms to mobilise private sector financing in Africa for climate and green growth.
“Also, we will talk about how to harness micro capital to address the gap on the continent and innovative financing instruments for crowding in private sector investment in Africa.
“The next is on harnessing micro capital to finance climate change and green growth in Africa, and then we have a study on key actions to achieve inclusive growth and sustainable development in Africa.’’
He said this would identify the blueprint for the continent’s development for the next 40 years.
It would put Africa on sustained growth of 7 to 10 per cent GDP annually and consistently for the rest of this incubation period of the agenda 2063.
“And ultimately, it will be able to address poverty and all the other development challenges that Africa faces,’’ Urama added.
Similarly, Vice President, Private Sector, Infrastructure and Industrialisation Complex,Dr Quaynor Solomon, called for Africa to always think innovatively and creatively to address its challenges.
Solomon said the meeting would allow the continent to deliberate on avenues to address all the climate change challenges on the continent.
He further said it was important for the continent to leverage innovation measures to tackle the issue of climate change in Africa.
The Secretary-General of AfDB, Prof. Vincent Nmehille, said the Boards of Governors would review the annual reports on the bank’s finances, operations and other activities during the preceding year.