Egypt’s Minister of International Cooperation, Rania Al-Mashat, emphasized the necessity of a more adaptable and inclusive international financial system to expedite the attainment of sustainable development goals (SDGs) in Africa.
During the annual meetings of the African Development Bank (AfDB) in Nairobi, Kenya, she articulated this statement under the theme “Africa’s Transformation, the African Development Bank Group and Reforming the Global Financial Architecture.”
The discussions, held in light of economic challenges in several African nations, centered on the bank’s dedication to establishing an equitable financial environment that promotes sustainable development and climate initiatives.
Despite a challenging global economic environment, 15 African countries have recorded production expansions exceeding 5%. The AfDB’s “African Macroeconomic Performance and Outlook 2024 Report” predicts Africa will remain the fastest-growing region after Asia.
During the AfDB meetings, Al-Mashat highlighted the continuation of global discussions on reforming the global financial structure, which had commenced earlier this year at the International Monetary Fund and World Bank Spring Meetings.
She referenced reports indicating that Africa requires $1.3 trillion annually to address its sustainable development needs by 2030, underscoring the imperative for increased financing and a more adaptable financial system.
According to Daily News website, during the meetings, Al-Mashat engaged in a range of discussions and conducted one-on-one meetings with banking executives and development partners, including the Asian Infrastructure Investment Bank.
The discussion also focused on the significant role of multilateral development banks in driving transformation across the continent. The African Development Bank emphasized the importance of enhanced collaboration among these institutions, the implementation of multi-year strategies, and the allocation of increased funding.
