He also shed light on the AfDB’s role as a driving force behind development efforts, however also noted that the bank has limitations when single-handedly funding these initiatives
Prime Minister Mostafa Madbouly emphasized the importance of bridging financing gaps in Africa during his participation in a high-level presidential dialogue session on the evolving global financial system and the role of multilateral development institutions. The session took place during the African Development Bank's annual meetings held in Sharm El-Sheikh.
The PM joined the President of the African Development Bank Group, the President of the African Union, the Vice President of the United Republic of Tanzania, and the Prime Ministers of Burundi, Rwanda, and Somalia. The UAE Special Envoy for Climate Change, who currently chairs the 28th Session of the Conference of the Parties to the United Nations Framework Convention on Climate Change (COP28), was also in attendance.
He also shed light on the AfDB’s role as a driving force behind development efforts, however also noted that the bank has limitations when single-handedly funding these initiatives, stressing the need for collaboration with other international financing institutions.
Madbouly stressed that the international community must prioritize Africa and its development projects, at least within the next decade or two, in all development projects.
According to the PM, the continent will require a significant amount of financing, estimated at around $3 trillion over the next 10 years, to address climate change and sustainable development goals.
Madbouly highlighted the challenges that Africa is currently dealing with - including climate change, geopolitical shifts, and the repercussions of the pandemic – and stressed the continent's significant struggle and the considerable toll it has paid due to these issues.
The PM stressed that bridging the funding gaps becomes imperative, leading African nations to turn to international institutions that impose rigorous standards.