Africa needs $1.3t annually for sustainable development – minister

Africa needs $1.3 trillion annually to meet its sustainable development needs by the end of this decade in 2030,said Egypt’s Minister of International Cooperation, Rania Al-Mashat, citing international reports on Monday.

She made these remarks during her participation in the annual meetings of the African Development Bank Group (AfDB) held in the Kenyan capital, Nairobi, under the theme; Africa’s Transformation, the African Development Bank Group, and Global Financial Structure Reform.

The meetings discuss the bank’s commitment and design to create a fair financial world to drive sustainable development and climate action, especially in Africa.

Al-Mashat emphasised that the AfDB’s annual meetings build upon global talks held earlier this year during the spring meetings of the International Monetary Fund (IMF) and the World Bank.

These discussions are crucial in addressing the considerable challenges, particularly in Africa, where financial constraints hinder progress towards achieving the African Agenda 2063 and the Sustainable Development Goals 2030.

This highlights the necessity for a more adaptable and comprehensive international financial system to expedite the implementation of sustainable development goals.

The annual meetings come at a time when African countries are showing resilience in facing a difficult global and regional economic environment. 15 African countries have recorded expansions in production exceeding 5 per cent.

The African Economic Performance and Outlook Report for 2024, issued by the bank, indicates that Africa is expected to remain the world’s fastest-growing region after Asia. It includes 11 out of the 20 fastest-growing economies globally this year.