By Yemi Olakitan
During a visit to Cape Verde, UK Minister for Development and Africa advocates for financial reforms to address the effects of climate change on Africa.
The 2023 Caucus of African Governors of the World Bank and IMF is held in Cape Verde, and the UK Minister for Development and Africa is in attendance.
In a speech to the Caucus, Andrew Mitchell pushed for immediate changes to create a bigger, better, and more equitable international financial system.
The UK’s Minister, Andrew Mitchell, is currently in Cape Verde as the honorary guest for the 2023 African Caucus Meeting.
The World Bank and International Monetary Fund African Governors and top executives from both organisations are invited to the Caucus.
The United Kingdom is the only non-African nation represented at the ministerial level, making this the Minister’s first trip to Cape Verde in his current capacity.
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The Minister urged the World Bank Group to mobilize much more private finance and stretch its current resources further in his final address to the Caucus in order to combat extreme poverty and aid vulnerable
communities in adapting to climate change.
Additionally, he wants a stronger offer for the poorest nations as well as a more shock-responsive World Bank Group that can assist nations more quickly and effectively during crises.
The Minister applauded the World Bank’s recent pledges to implement climate resilient debt provisions, on which the UK has taken the lead and which enable nations to postpone debt payments in the event of a
climate shock.
Andrew Mitchell, the minister for development and Africa, said: “In Africa, the climate issue is first and foremost affecting millions of people. In order to ensure that the international financial system assists the most vulnerable countries in overcoming the immense problems they face, we urgently need to implement significant reforms.”
“The World Bank’s African governors graciously invited me to address their annual meeting and stress how Britain will support them in our shared goals.”
The Minister will also meet with Prime Minister Ulisses Correia e Silva to talk about the UK’s expanding relationship with Cape Verde, which currently draws 300,000 British visitors annually. For travellers from the UK, it ranks as the second-most popular tourist destination in Africa. The discussion is also anticipated to touch on topics related to Small Island Developing States (SIDS), the new UK Developing Countries Trading Scheme, and maritime security
cooperation.
The United Kingdom is a key proponent of initiatives to push for international financial reform to help these states’ efforts to combat climate change.
The UK pledged £1 million earlier this year to spur action ahead of the once-every-10-year SIDS Conference, including assisting them in better preparing for climate challenges.
