We would influence the Private Sector to deal with the varied Economic Fissures on the African Landmass the AfDB divulged
By Abdul Rahman Bangura-
NEW AFRICA BUSINESS NEWS (NABN) Freetown, Sierra Leone– Vice-President of Economic Governance and Knowledge Management Complex – Kelvin Urama at AfDB, pronounced on the bank’s agendas to enhance financing in Africa at a virtual pre-annual meetings news conference on Thursday, April 20th, 2023.
Communicating on the theme, ‘Mobilizing Private Sector Financing for Climate and Green Growth in Africa’, Urama told the desire for financing in the region was very enormous for the public sector financing to address.
“This year, the bank will focus on how to leverage the private sector to address the financial gaps for achieving the paramount actions and bring good transitions on the continent,” he let out.
“To do this, we have structured five different and very interesting knowledge events for the meeting, one of them is the presidential dialogue.
“This will feature our heads of state having a dialogue with the bank’s president on the changing global financial architecture and the role of the multilateral development banks.
“How do we position multilateral development banks (MDBs) and the MDB reforms within the era of trying to mobilize financing more for Africa to reach all the financing gaps we had already highlighted?”
Urama further more explained there would be an induction of the African economic outlook 2023, which would focus on mobilizing private sector financing for climate change and green growth in Africa.
“Here, the report will have key areas on looking at the macro-economic performance and outlook on the continent,” the bank’s Vice-President announced.
“It will also examine youth innovative financing mechanisms to mobilize private sector financing in Africa for climate and green growth.
“Also, we will talk about how to harness micro cavity presidents the gap on the continent, and innovative financing instruments for mobilizing private sector investment in Africa.
“The next is on harnessing micro capital to finance climate change and green growth in Africa, and then we have a study on key actions to achieve inclusive growth and sustainable development in Africa.”
This, Urama said, would identify the blueprint for the continent’s development for the next 40 years.
He said it would put Africa on sustained growth of 7%-10% gross domestic product (GDP) yearly and invariably for the rest of this incubation period of the agenda 2063.
“And ultimately, it will be able to address poverty and all the other development challenges that Africa faces,’’ Urama expanded.
Quaynor Solomon, AfDB’s Vice-President, Private, Sector, Infrastructure and Industrialization Complex, called for innovative and creative thinking to address challenges n Africa. Solomon told, the meeting would enable the land to contemplate on paths to address all the climate change challenges on the continent.
He noted that it was important for the continent to leverage innovation measures to tackle the issue of climate change in Africa.
For New Africa Business News (NABN) Abdul Rahman Bangura Reports, Africa Correspondent