Annual meetings offer platform for innovative ideas on global financial reforms and provision of resources to develop Africa

The African Development Bank’s 2024 Annual Meetings kick off on Monday in Nairobi and provide a unique opportunity to jointly advance innovative ideas to reform the global financial architecture.

The shareholders of the Bank, Africa’s leading development finance institution, are being urged to exchange views with a wide range of public and private sector leaders to agree on the reform needed to raise more funding to help transform the continent.

“The reform of the global financial architecture must respond effectively to the increased budgetary costs faced by (African) countries in order to accelerate their development,” said Akinwumi Adesina, president of the Bank Group, at a session on SDR held at . COP28 last December in Dubai. “To do this, we must also adapt the instruments of the global financial architecture, especially the special drawing rights.”

At the annual meetings in Nairobi, “Africa’s Transformation, the African Development Bank Group and the Reform of the Global Financial Architecture”, President Adesina and William Samoei Ruto, President of Kenya, the host country, will welcome at least 13 African heads of state and Government: Mohamed Ould Ghazouani, President of the Islamic Republic of Mauritania and current Chairman of the African Union, Mohamed Younes Al-Menfi (Libya), Joseph Boakai (Liberia), Denis Sassou Nguesso (Congo), Nana Akufo-. Addo (Ghana), Abiy Ahmed (Prime Minister of Ethiopia), Felix Tshisekedi (Democratic Republic of Congo), Samia Suluhu Hassan (Tanzania), Evariste Ndayishimiye (Burundi) and Philippe Nyusi (Mozambique). Joaquim Chissano, former president of Mozambique, Moussa Faki Mahamat, chairman of the African Union Commission, and Muhammad Al Jasser, chairman of the Islamic Development Bank, will also be present.

The highlight of the conference will undoubtedly be the launch of celebrations marking 60 years since the establishment of the African Development Bank in 1964 on the sidelines of the official opening ceremony scheduled for Wednesday morning at the Kenyatta International Conference Center in Nairobi. The celebrations will last until the next annual meetings in 2025 in Abidjan, providing an opportunity to assess six decades of progress and reflect on how to tackle a growing number of complex challenges, in particular the restructuring of African countries’ debt and the negative effects of climate change on the continent’s development.

The bank’s managers arrive in Nairobi with a new 10-year strategy for 2024-2033. Aimed at seizing opportunities to create a prosperous, inclusive, resilient and integrated continent, the strategy is likely to capture the attention of its stakeholders, especially as it advocates the acceleration of green and inclusive growth and promotes prosperous and resilient economies on the continent. include young people and women.

During the meetings, the bank will also present its annual development report, which outlines its actions on the ground to promote economic and social progress in Africa. It will also present its eagerly awaited flagship publication, the African Economic Outlook, a benchmark for political leaders, researchers and investors in the region. The AER describes the development and details of macroeconomic forecasts for the continent’s 54 countries and provides the keys to growth and highlights the obstacles facing the transformation of African economies.

As international bodies actively discuss how to reform the international financial system to better adapt it to a constantly changing world, and new emerging countries and new challenges emerge (climate change, inflationary pressures, geopolitical tensions), Africa – the world’s growth champion – is becoming more than entitled to have his voice heard. According to the African Development Bank, the continent will have 11 of the 20 fastest growing economies on the planet and will remain the second fastest growing region in absolute terms after Asia by 2024. Given the world’s current uncertainty, the bank’s governors should applaud resilience shown by African countries.

The bank plans to show its shareholders that it is a reformer and an innovator. Its successful launch in 2024 of its first hybrid capital certificates in the global capital market made history among MDBs. The Bank also spearheaded, along with the InterAmerican Development Bank, channeling Special Drawing Rights (SDRs) through MDBs.

This request, approved by the International Monetary Fund’s Executive Board on the eve of the Bank’s annual meetings, reinforces the Bank’s innovative character. With a centenary in 2064, the Bank’s shareholders are called upon more than ever to provide resources and steer the institution towards ever more innovative decisions capable of leading Africa towards a brighter future.

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