Flexible financial system needed to accelerate SDGs in Africa: Al-Mashat at AfDB Annual Meeting – Dailynewsegypt
Egypt’s Minister of International Cooperation, Rania Al-Mashat, highlighted the need for a more flexible and inclusive international financial system to accelerate the implementation of sustainable development goals (SDGs) in Africa.
She made this statement during the annual meetings of the African Development Bank (AfDB) held in Nairobi, Kenya, under the theme “Africa’s Transformation, the African Development Bank Group and Reforming the Global Financial Architecture”.
The meetings, which took place against a backdrop of economic resilience in many African countries, focused on the bank’s commitment to creating a fair financial world to drive sustainable development and climate action.
Despite a challenging global economic environment, 15 African countries have recorded production expansions exceeding 5%, and the AfDB’s “African Macroeconomic Performance and Outlook 2024 Report” predicts that Africa will remain the fastest-growing region in the world after Asia.
Al-Mashat emphasized that the AfDB meetings were a continuation of global discussions on reforming the global financial structure, which began earlier this year at the Spring Meetings of the International Monetary Fund and the World Bank. She pointed to reports indicating that Africa needs $1.3 trillion annually to meet its sustainable development needs by 2030, underscoring the necessity for increased financing and a more adaptable financial system.
During the meetings, Al-Mashat participated in various discussions and held bilateral meetings with bank officials and development partners such as the Asian Infrastructure Investment Bank.
The role of multilateral development banks in transforming the continent was also a key topic, with the AfDB advocating for better cooperation between these institutions, multi-year strategies, and increased funding.
The AfDB is a significant development partner for Egypt, having provided over $7bn in development financing to finance 115 operations, including over $1bn for 24 private sector operations.
Al-Mashat’s participation in the AfDB meetings followed her involvement in other international gatherings, such as the annual meetings of the European Bank for Reconstruction and Development, the annual meetings of Arab financial institutions, and the Spring Meetings of the International Monetary Fund and the World Bank.