AfDB Annual Meetings May 27th-31st KICC, Kenya As the AfDB Annual Meetings 2024 come to an end, it is a privilege for Kenya and KICC to have hosted these key meetings. The theme "Africa Transformation, the Africa Development Bank Group, and the Reform of the Global Financial Architecture" is spot on. At the core is the: reform of the key global multilateral agencies by reviewing the credit terms extended to the developing south (consideration of external and climate related shocks), re-evaluating how GDP is calculated in order to provide for better negotiating platform for finances, fair distribution of SDR's and an equal seat for countries in the developing south in these agencies. These annual meetings were instrumental in consolidating a united front matters global finance and economic transformation.
Karanja Thande, MBA MKIM’s Post
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Reforming for an Equitable Future: AfDB's Priorities for Africa During the closing press conference of the African Development Bank's Annual Meetings (AfDBAM2024), Akinwumi Adesina, President of the African Development Bank Group, highlighted five key priorities to ensure a more equitable and sustainable financial future for Africa. Adesina emphasized the urgent need to reform the global financial architecture to make it fairer and more equitable. He pointed out that the current system fails to provide necessary funding to the countries that need it most, particularly in Africa. Such reforms would better address the economic and social challenges faced by developing countries.
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Macroeconomics | Sovereign Debt Management | Public Finance Management | Data Visualization
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
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Minister of Planning, Economic Development & International Cooperation, Egypt🇪🇬 | Ex. Min. of Tourism, Egypt | Advisor to Chief Economist, International Monetary Fund | Sub Gov. Monetary Policy, Central Bank of Egypt|
We are hearing a consistent message across multilateral development banks, showing opportunity & potential for international cooperation. At the African Development Bank Group annual meetings #AfDBAM2024, we launched the African Economic Outlook 2024 “Driving #Africa’s Transformation: The Reform of the Global Financial Architecture”, a subject that lies at the heart of this year's meetings in Nairobi, Kenya 🇰🇪. Rewatch Session: https://lnkd.in/dQ-U6-Qg During my participation, I shared the stage with the bank's President Akinwumi Adesina & Chief Economist KEVIN CHIKA URAMA, Kenya’s Cabinet Secretary Njuguna Ndung’u, Zimbabwe’s Finance & Economic Development Minister Mthuli Ncube, Germany’s Parliamentary State Secretary in the Ministry of Economic Cooperation & Development Dr. Bärbel Kofler, US Treasury’s Alexia Latortue, Guinea’s Planning & Int’l Cooperation Minister Ismael Nabe, African Union’s Albert Muchanga, & AUDA-NEPAD CEO Nardos Bekele-Thomas & UNECA’s Hanan Morsy. Some of the report's highlights include: ➡️ Africa's economic performance & the continent's financing needs. ➡️ Potential opportunities & challenges in fast-tracking structural reforms in Africa. ➡️ Implementable strategies & on-ground action to accelerate Africa’s structural transformation. ➡️ Link between Africa’s transformation efforts & international financial architecture. ➡️ Expected impacts of proposed reforms of the international financial architecture on Africa’s transformation. ➡️ Specific roles that MDBs & IFIs can play to support Africa’s sustainable development. Some of the report's highlights include:
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On the sidelines of the #AfDBAM2024, in Nairobi, Kenya, the Alliance of Africa Multilateral Financial Institutions (AAMFI) held an enriching panel discussing under the theme "Mobilizing Finance for Private Sector Development in Africa''. Let’s take a look at how the session went, which delved into strategies, challenges, and opportunities to catalyse action and forge partnerships to bridge the financing gap hindering private sector growth in Africa. AAMFI is established by treaty, to support Africa’s economic development and integration objectives, in line with their respective mandates, in furtherance of the development objectives of their member states. #Afreximbank #AAMFI #PrivateSectorDevelopment #SustainableDevelopment
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Personal Financial Advisor @ Liberty Group South Africa | Simplifying Financial Education
🔹 South Africa’s Government of National Unity (GNU): A Beacon for Stability and Growth? 🔹 As a financial advisor, I’ve been keeping a close eye on the formation of South Africa’s Government of National Unity (GNU) and the potential positive impacts on our economic landscape. This shift towards a centrist approach could be a game-changer for both investors and everyday South Africans. The GNU has prioritized fiscal consolidation, which is reassuring for those concerned about long-term stability and the potential for sound economic policies. The avoidance of a far-left shift, coupled with a focus on responsible governance, is a positive signal that could ease concerns about South Africa's credit risks and investor confidence. The new government has also brought optimism by addressing key issues such as load shedding and infrastructural constraints in transport and energy. These steps, if continued, may support economic growth and create a more conducive environment for investments and business expansion. As we navigate these changes, the role of informed financial advice becomes more important than ever. By aligning our strategies with this evolving landscape, we can help clients make informed decisions that align with their long-term goals. #SouthAfrica #Economy #FinancialAdvisory #Investment #EconomicStability #GovernmentOfNationalUnity #LoadShedding #FiscalResponsibility #EconomicGrowth
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Can Africa Fix Its Credit Rating Problem? Africa’s credit rating challenge is a critical issue affecting its economic growth and access to international markets. Despite significant progress, many African nations face disproportionately low credit ratings, limiting their ability to secure financing for development projects. Addressing this issue requires greater transparency, diversified economies, and improved governance. 👉 Full Article Here: https://swki.me/1Ke5wAir #Africa #CreditRatings #EconomicDevelopment #Finance #Investment #SustainableGrowth #Governance
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Capital markets and bonds have the size and financing timeframes that match transition needs. We need to see more use of the SLBs in Developing countries, when the country context allows. We will not reach sustainable pathways if all the financing is happening outside of developing countries. Donors can help direct finance, which can also provide an important market signaling function. Hope to see much greater SLB issuance in the future than the current imbalance.
The current, increasingly complex, macroeconomic context is exacerbating an already challenging environment for financing #sustainabledevelopment in developing countries. SLBs have recently emerged as important intermediation tools between capital markets and sustainability needs – and hold significant potential for developing countries in particular. However, over the period of 2020-2023 Q1, SLB issuances were a staggering 481 times greater in Europe and Central Asia than in Sub-Saharan Africa. The regions with the greatest financing needs are therefore not benefitting from these instruments. This stresses the important role donors must play in supporting the #SLB market in the regions most in need. The recently released OECD report explores the ways in which donors can support the SLB market and address this imbalance. Read the report here: oe.cd/slb
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The African Development Bank (AfDB) has signed a 700,000 dollars Donor Contribution Agreement with Prosper Africa, a U.S. Presidential initiative, to develop a Credit Rating Online Data Platform for African markets. https://lnkd.in/ekpywQYE African Development Bank Group #AfricanMarkets
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The AfDB’s focus on economic resilience and self-sufficiency is seen as crucial for Africa’s future. Proposals like the African Investment Guarantee Agency aim to address political risks for investors, while efforts to establish an African credit rating agency seek to lower borrowing costs. The initiatives are part of a broader strategy to reduce Africa’s dependency on external aid and create a more stable investment environment. Read more https://ow.ly/s3gW50S9koN
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10moVery Good Impressive Work Right There Jeff.... Thanks Too For Hosting Us on The KPLC E--Mobility Conference.... Keep it Up.....