AfDB plays key role in fostering economic development in continent – CBE governor

Hassan Abdalla, Governor of the Central Bank of Egypt (CBE) and Chairman of the Board of Governors of the African Development Bank (AfDB), applauded on Sunday the important and critical role of multilateral development institutions.

Abdalla added that the AfDB is a leading player in African development through the active efforts it makes in all fields, such as mobilising the necessary financing and promoting the participation of private capital in the economies of the countries of the continent.

This comes within the framework of the Egyptian state’s ambition to boost and reinforce cooperation with African countries in all fields, especially economic ones, during the AfDB Annual Meetings 2023 in Sharm El Sheikh, Egypt.

Abdulla said: “I am pleased to welcome all of you to the annual meetings of the AfDB 2023, as I am honoured to convey the greetings of His Excellency President Abdel Fattah al-Sisi, who directed providing full support to ensure the success of this important event.”

In a welcome message, he added: “After Egypt’s success in hosting COP27, in addition to other major events including the Annual Meetings of the Islamic Development Bank 2022, I am confident that the Annual Meetings of the AfDB 2023 in Sharm El Sheikh will be an exceptional event.”

The governor confirmed that Egypt’s hosting of the annual meetings this year confirms the state’s firm determination to support integration and development among the countries and institutions of the African continent.

He expressed his deep gratitude to the Bank’s management and team responsible for the annual meetings for their noticeable efforts and their choice of the theme for this year, “Mobilising Private Sector Finance for Climate and Green Growth.”

He explained that it is one of the most urgent issues for all countries in the world in general and African countries in particular. Climate change has a number of negative repercussions, especially on food security, increasing population displacement, and increasing pressure on water resources on the continent.

“We are all aware that the current level of climate financing on the continent needs more resources, as total flows cover only 12 percent of the required financing, and it is critical to make available additional resources to build economies resilient to climate change,” he added.

Abdullah continued: “Accordingly, there is an urgent call to stimulate the private sector to play a more effective role in green growth and sustainable development in all its aspects within the continent.”

He noted that Egypt has structured two side events during the upcoming meetings to discuss: “Mobilizing blended finance to facilitate green transformation in emerging economies” and “The role of FinTech in launching sustainable and green finance.”