African Development Bank Group’s Post

So excited to unveil the African Development Bank Group new Ten-Year-Strategy (2024 – 2033) at the Bank’s Annual Meetings here in Nairobi! The #AfDBAM2024 session will be livestreamed here: bit.ly/4bAXtF0 #AfDBat60 What do you think are Africa’s greatest opportunities in the decade ahead????

I've been tracking the World Bank summit in Nairobi, which aims to unite civil society, foundations, the private sector, and youth to advocate for a substantial replenishment of IDA's resources. As policymakers discuss the transition from profit-based aid to sustainable transformation, there is continent-wide optimism that this could signal a new era of development. Nonetheless, I am convinced that the inclusion of religious leaders, youth, and women as catalysts is crucial to hasten progress. It is imperative to challenge the persistent exclusion of these vital contributors. #Globalleadership #WorldBank24 #IDA24 #IMF #Nairobi

via @PerilOfAfrica #Africa Egypt: African Development Bank approves $131 million to promote private sector development and economic diversification: Download logo Finance Programme name: Private Sector Development and Economic Diversification Support Program – Phase I (PSD-EDSP I) Total amount: US$131 million Background Confronted with significant external shocks in the last few years, Egypt has made substantial efforts to mitigate the impacts of the COVID-19 pandemic and Russia’s invasion of Ukraine on the domestic economy […] The post Egypt: African Development Bank approves $131 million to promote private sector development and economic diversification first appeared on Peril Of Africa.

Gearing up for the #AfDB #AnnualMeetings at the end of May: a fruitful meeting with the incoming Governor of the #AfricanDevelopmentBank for #Angola, Minister of Plan Victor Hugo Gulherme and his team to discuss main priorities. Angola is a strong supporter of the AfDB's agenda for #Africa's transformation and is one of the few African donors to the #AfricanDevelopmentFund for lower income countries. Looking forward to a strong voice of Angola at the #AFDBAM2024 #ADF

TODAY: African Development Bank Group to open regional office in #CentralAfrica   Cameroon’s Prime Minister Joseph Dion Ngute and Bank Group Vice President for Regional Development, Integration and Business Delivery, Marie-Laure Akin-Olugbade, will chair the opening ceremony, which will be attended by members of the government and representatives of the other countries covered by the regional office.   The Central Africa office is one of the Bank Group's five regional hubs and comprises seven countries: #Cameroon, #Chad, #Congo, Central African Republic, Democratic Republic of Congo, Equatorial Guinea and #Gabon.   The new regional base for Central Africa underscores the African Development Bank Group’s commitment to strengthening cooperation with bilateral and multilateral development partners to enhance the effectiveness of development initiatives and promote sustainable growth across the region.   More info: https://bit.ly/4cJw9Wc #AfDBinCentralAfrica

🏦 Standard Bank, the largest bank in Africa , is setting its sights on the eastern region of the continent for expansion. 📈The African Development Bank forecasts that East Africa will maintain its position as the growth engine of Africa, with a projected growth rate of 5.1% in 2024 and 5.7% in 2025. 🔨The development bank anticipates that six other economies in the region (Rwanda, Tanzania, Uganda, Ethiopia, Djibouti, and Burundi) will experience growth rates exceeding 5% in 2024. 💥The region’s explosive growth can be attributed to significant government expenditure and strategic investments aimed at enhancing domestic connectivity and promoting regional trade. This is complemented by initiatives to modernize agricultural production systems and stimulate productivity in the services sector. #StandardBank #AfricanDevelopment #EconomicForecast

I recently attended the African Development Bank (AfDB) Annual Meetings in Nairobi, Kenya, from May 27-31, 2024. This prestigious event brought together high-level decision-makers from across Africa, key officials from development agencies, leading academics, and representatives from NGOs, civil society, and the private sector. The theme, "Africa’s Transformation, African Development Bank Group, and Reform of the Global Financial Architecture," led to insightful discussions on the structural changes needed for socio-economic development across the continent. A notable side session with the African Forum and Network on Debt and Development (AFRODAD) focused on "Allocation to Utilization - Shaping Africa's Voice on Special Drawing Rights Through the Global Financial Architecture." These sessions emphasized the need for a reconfigured global financial system as a catalyst for Africa’s transformation, highlighting the importance of rechanneling SDRs through Multilateral Development Banks and the Liquidity and Sustainability Facility to provide affordable finance tailored to Africa’s needs. #AfDB2024 #AfricaTransformation #EconomicDevelopment #GlobalFinancialReform #NairobiMeetings #SustainableDevelopment

"Africa is undeniably on its path to becoming the pivotal continent of the world." This powerful statement from #AkinwumiAdesina, the President of the African Development Bank, resonates deeply. The recent move by the #AfricaDevelopmentBank is both interesting and remarkable. a strong political will is crucial, and perhaps an even stronger political will is required to drive Africa's progress. 🧏🏽♂️We must foster wise partnerships and collaborations that are inclusive, diverse, and fair to all. We need policies that are not only #homegrown but also sovereign, reflecting the aspirations and values of our people. With an ambitious and vibrant youth 🌞demography, there is no doubt that Africa's rise is inevitable.🌞The potential and possibilities that lie within our continent are undeniable. I envision a future where Africa's growth and development benefit not only its people but humanity at large.

The Future is Bright

From a macroeconomic point of view, sound fiscal policies call for the maintenance of relatively overall fiscal deficits that ensure public debt sustainability and thuspreserve macroeconomic stability. From a microeconomic point of view, sound fiscal policies call for an effective and equitable revenue mobilization system, as well as an efficient resource allocation process that is geared at improving human and physical capital and at reducing inequality. From both points of view, governments should provide the certainty that future fiscal policies will remain sound. This certainty should help lower the cost of capital and thus foster higher private investment and savings,promotingfaster economic growth and contributingto the development of an inclusive society. Good governance requires that fiscal policies be conducted in a framework of transparency and accountability. In the case of mineral extracting/exporting countries, sound fiscal policies also involve the need to deal with revenue volatility as well as with sustainabiity and intergenerational equity considerations. There is no doubt that the current provision of public goods and services doesnot meet the popuation’s needs in many countries, in terms of both quality and quantity, given thevery severe gaps in education, health, and infrastructure gaps. These gaps are mainly a consequence of pressures caused by growing other current expenditures (including very large generalized subsidies in a number of countries). And the concern is that these gapsare likey to widen as current spending continues to rise with the size of bureaucracies and inefficient outlays, and eventually with population aging. The priorities and goals of fiscal policy need to change. They should help establish an environment for sustainabe, high and inclusive economic growth, and thereby achieve three critical objectives: 1) increase employment, 2) reduce inequality, and 3) improve equity