Overview:
The call was made during the Bank's 2024 Annual Meetings in Nairobi, which brought together governors representing 54 African countries and 27 non-African shareholders.
Six African Presidents have joined the African Development Bank’s call for action to reform the global financial architecture, urging for a more equitable and sustainable system to support Africa’s economic transformation.
The call was made during the Bank’s 2024 Annual Meetings in Nairobi, which brought together governors representing 54 African countries and 27 non-African shareholders.
Kenya’s President William Samoei Ruto emphasized the need for change, saying, “Today, we assert that transforming the international financial architecture is imperative to give Africa a fair chance to turn its immense potential into opportunities to overcome multiple challenges and develop inclusively and sustainably.”
President Ruto also announced that Kenya will contribute $20 million to the African Development Fund, the Bank’s concessional financing window, and pledged to increase its equity contribution to the Bank.
The African Development Bank has invested $200 billion in development projects across Africa since its establishment in 1964, making it a key player in the continent’s transformation agenda.
Other African leaders attending the Annual Meetings included President Denis Sassou Nguesso of the Republic of Congo, Rwanda’s President Paul Kagame, Zimbabwe’s President Emmerson Dambudzo Mnangagwa, the President of the Presidency Council of the Government of National Unity of the State of Libya Mohamed Younis al-Menfi, Somali President Hassan Sheikh Mohamoud, and African Union Commission Chairperson Moussa Faki Mahamat.
The Bank’s President, Dr. Akinwumi Adesina, highlighted the impact of the Bank’s investments across Africa, including its High 5 priorities of Light up and Power Africa; Feed Africa; Integrate Africa; Industrialize Africa; and Improve the quality of life for the people of Africa.
“In 2023, our financing totaled over $10 billion, across all our High 5 priorities,” Adesina said, adding that the Bank has invested over $50 billion in infrastructure projects on the continent over the past nine years.
The Annual Meetings also saw the launch of several innovative initiatives, including the $10 billion Alliance for Green Infrastructure in Africa (AGIA), aimed at accelerating the development of sustainable infrastructure projects.
The Bank’s Affirmative Finance Action for Women (AFAWA) has also financed over 18,000 women-owned businesses, providing them with the capital and support needed to thrive.
The African Development Bank’s financial records for 2023 show a strong financial position, with income from loans and treasury investments increasing by 123% to $1.73 billion, and a record-high $335 million allocated to reserves.
The Bank’s call for action to reform the global financial architecture is aimed at unlocking more resources to support Africa’s economic transformation and promote inclusive and sustainable development.