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FInancing remains major constrain of accelerated transformation in Africa – AfDB

Prof. Kevin Urama, African Development Bank’s (AfDB) Chief Economist, says financing has remained the major constrain of accelerated transformation in Africa.

Urama, also the Vice-President Governance and Knowledge Management in AfDB, said this at the pre-media conference held virtually on Wednesday, to herald the 2024 AfDB Annual Meetings.

The News Agency of Nigeria (NAN) reports that the meetings are scheduled to hold in Nairobi, Kenya.

“The annual meetings will feature several knowledge events such as the presidential dialogue, and a high- level event on the inauguration of the African Economic Outlook Report 2024 among others.

“In all our research, we have discovered that financing has remained the major constrain of accelerated transformation on the continent.

“So this knowledge events will bring financial experts on the continent to look at ways of driving Africa’s transformation in the changing global system.’’

The meetings have been scheduled to hold from May 27 to May 31.

The theme of the meeting is: “Africa’s Transformation, the African Development Bank Group, and the Reform of the Global Financial Architecture’’.

Speaking on the theme, Urama said it was chosen to give the bank group’s governors the chance to share their experiences on the progress made by their economies.

It would also provide avenues for them to share the main obstacles they encountered along the way and the key reforms implemented to overcome them.

Earlier, Prof Vincent Nmehielle, AfDB’s Secretary-General, said the annual meetings was primarily a statutory event of the bank.

“ During the meetings, the boards of governors of the bank will review the annual report of the bank, finances, operations and other activities of the bank and the fund during the preceding financial year.

“The governors will then adopt resolutions and key decisions and conclusions of the annual meetings.

“There will also be a governor’s dialogue, which provides a platform for the governors to interact and engage with the president and senior management on issues of strategic significance on the continent.

“The theme of the governor’s dialogue is“ Mobilising the Private Sector to Accelerate Africa’s Transformation, ’’he said.

According to Nmehielle, this is happening when the continent continues to face some crises. The dialogue will reflect on the bank group’s ten-year strategy.

He said: “the meetings will focus on AfDB’s role in mobilising the private sector in the work of Multilateral Development Banks (MDB) for the purpose of accelerating Africa’s development.

“One notable thing is that the AfDB turns 60 this year. The event will be marked on the third day of the meeting with the theme, `The AfDB 60 years of making a difference’.

“This brings to the realisation that in spite of the economic growth over two decades, Africa’s sustainable economic growth remains quite incomplete.’’

Nmehielle said the bank would organise series of knowledge events based on the themes, which would fast-track how best to transform the continent.

 

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