The Board of Governors of the African Development Bank (AfDB) has called for urgent action to double the collective supply of climate finance for adaptation, and the operationalization of new financing mechanisms that respond to the losses and damages suffered by the continent due to climatic hazards.
In the final declaration of the AfDB’s 58th Annual Meetings held in Sharm El Sheikh under the theme “Mobilizing Private Sector Finance for Climate and Green Growth in Africa”, the Governors urged the Bank’s partners to lead efforts to bridge the continent’s annual climate finance gap, which “stands at approximately $213.4 billion”.
Thus, they asked the Bank Group to continue its efforts to meet the commitment to provide $25 billion, between 2020 and 2025, in climate finance, and to align its new operations with the Paris Agreement. .
They also emphasized the need for substantial financial resources to support climate adaptation in Africa, including fulfilling the commitment of developed countries to mobilize $100 billion per year in climate finance for countries. in development.
The Bank Group was also invited to strengthen its support for the continent’s regional integration in accordance with the Agreement on the African Continental Free Trade Area (AfCFTA) and to support the establishment of the necessary tools to take advantage of of the Fund’s equity in the international financial markets, while continuing discussions on the need to ensure the long-term financial sustainability of the African Development Fund (ADF).
Taking note of the recommendations of Heads of State and Governors during the High-Level Presidential Dialogue on “The Changing Global Financial Architecture and the Role of Multilateral Development Banks”, the Board of Governors requested the Board to administration of the Bank to present, at the next Meetings, “the progress made on the evolving needs of Africa and on how the vision, mission, incentives, business models and financial capacity of the Bank Group will enable us to meet these challenges”.
AfDB Governors also welcomed the Bank’s securing of $1 billion in financing through its “Initiative to Promote Access to Finance for Women in Africa” (AFAWA), integrating thus the gender dimension in all its operations.
The 59th Annual Meetings of the AfDB will be held at the end of May 2024 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.