Earlier today, Egyptian central bank governor Hassan Abdalla received African Development Bank (AfDB) president Akinwumi Adesina to inspect the final preparations for the AfDB’s Annual Meetings taking place in Sharm El-Sheikh from May 22-26, according to the Amwal Al Ghad website.
AfDB governors will gather in Egypt to find ways to mobilize the robust private investment Africa needs to meet its urgent climate change adaptation and mitigation goals.
The theme of this year’s meetings, Mobilizing Private Sector Financing for Climate and Green Growth in Africa, stresses the growing urgency expressed by Africa’s leaders for a step change in efforts to limit temperature rise to 1.5 °C above pre-industrial levels by 2100. Those directives are critical to protecting the world’s most vulnerable countries, especially in Africa.
The 2023 Annual Meetings follow on the heels of the 27th global climate summit (COP27), which also took place in Sharm El-Sheikh in November 2022. During COP27, Egypt and AfDB amplified Africa’s voice in calling for global support for a just energy transition, fulfillment of climate finance pledges, and the need to compensate vulnerable countries for losses and damages caused by climate impacts.
Central Bank of Egypt (CBE) Governor Hassan Abdalla stated: Hosting the annual meetings for the third time in Egypt affirms our steadfast determination to support the integration and development of Africa through this vital institution.
Abdallah also referred to Egyptian President Abdel Fattah al-Sisi’s directives to all national stakeholders in order to provide full support to ensure the success of the annual meetings.
He added: The impact of climate change has been compounded by the COVID-19 pandemic and the implication of geo-political tensions. We are all conscious that the current level of climate finance in the continent needs to be substantially increased, with total flows covering only 12% of the climate finance needed in Africa, it is now crucial to unlock additional resources to build climate-resilient economies. The governor concluded his speech by saying: Accordingly, there is an urgent call to mobilize more resources by incentivizing the private sector to play a more effective role in green growth and sustainable development to all envision for Africa.
