by: Andrea Spinelli Barrile | 8 May 2024
African Development Bank (Afdb) Group President Akinwumi Adesina has highlighted the importance of significantly increasing financing to Africa to achieve the Sustainable Development Goals (SDGs). Adesina said this at the 50th anniversary celebrations of the Islamic Development Bank. Afica24 reports it.
According to Adesina, Africa suffers from a growing financial deficit, amounting to 4,000 billion dollars per year, which risks compromising efforts to achieve the Sustainable Development Goals set by 2030.
In addition to evaluating financial strategies essential to advancing global development in the face of economic instability, multilateral banks play a critical role in increasing collaboration on innovative financial solutions. To this end, the AfDB’s “High5” strategic program aims to achieve almost 90% of the SDGs. Furthermore, the African Development Bank is expected to raise $25 billion for climate adaptation by 2025: Afdb Group’s investments in Africa amount to $10 billion in 2023. Key beneficiary sectors include infrastructure, agriculture, electricity and the fight against climate change.
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