The annual meetings of the African Development Bank Group will begin Monday in Sharm El-Sheikh until 26 May 2023, under the slogan “Mobilizing private sector financing for Climate and green growth in Africa”, in the presence of about 4,000 participants, led by central bank governors of 81 member states and finance ministers.
Hassan Abdullah, Governor of the Central Bank of Egypt and Chairperson of the Board of Governors of the African Development Bank Group, said: “I am pleased to welcome all of you to the annual meetings of the African Development Bank for the year 2023, and I also have the honour to convey the greetings of President Abdel Fattah El-Sisi, and his directives to provide full support to ensure the success of this event the important”.
Abdullah added, in a welcome message broadcast by the African Development Bank: “After Egypt’s success in hosting COP27, in addition to other major events including the 2022 Islamic Development Bank Annual Meetings, I am confident that the 2023 Annual Meetings of the Bank in Sharm El-Sheikh will be an exceptional event.”
The governor affirmed that Egypt’s hosting of the annual meetings for this year confirms the state’s firm determination to support integration among the countries and institutions of the African continent and its development through permanent and continuous cooperation with development partners, led by the African Development Bank Group.
The Governor of the Central Bank expressed his deep appreciation for the bank’s management and team responsible for the annual meetings for their great efforts and their choice of this year’s topic on “mobilizing private sector financing for climate and green growth,” noting that it is one of the most urgent topics for all countries of the world in general and African countries in particular. Climate change contributes to 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% of the required financing, and it is critical to make additional resources available to build economies that are resilient to climate change,” he continued.
He added: “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,” calling for the need to assess the needs of the private sector and develop a framework for the necessary public policy to attract private investment, and to pay attention to projects facing the risks of climate changes.”
The Governor of the Central Bank of Egypt praised the important and vital role of multilateral development institutions, in particular, the African Development Bank as a major and important player in African development, through its active efforts in all fields, foremost of which is mobilizing the necessary financing and enhancing the participation of private capital in the economies of countries. continent.
Abdullah noted that Egypt has organized 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”.
It is noteworthy that this is the third time that Egypt has hosted the annual meetings of the African Development Bank Group, the last of which was in 1999. Egypt is also the bank’s third largest shareholder and one of the largest beneficiaries of its development operations in the African continent.