AfDB: Financing remains major constraint of speedy transformation in Africa

The African Development Bank (AfDB) says financing has remained one of the major constraints of accelerated transformation in Africa.

Kevin Urama, AfDB’s chief economist and vice-president for governance and knowledge management, spoke on Wednesday at the pre-annual meetings press conference in Abidjan.

The press conference was led by Vincent Nmehielle, secretary-general of the bank group, and Kevin Urama, along with other vice presidents.

Giving a breakdown of the annual meetings, Urama said the bank would host two thematic events centred around specific themes, which are based on the importance of research for Africa’s transformation.

He said one of them is financing Africa’s transformation into a changing global financial system.

“In all our research, we have discovered that financing has remained one of the major constraints of accelerated transformation on the continent,” Urama said.

“So this knowledge events will bring global experts in the financial system to look at how to finance Africa’s transformation in the changing global financial system.”

Speaking further, Urama said the annual meetings will feature several knowledge events such as the presidential dialogue, and a high-level event on the inauguration of the African Economic Outlook Report 2024 among others.

“This year’s theme for the African Economic Outlook Report will be Africa’s transformation, the reform of the global financial architecture, again focusing on how Africa’s transformation has failed, what have been the key drivers of this transformation, and what role the global financial architecture plays in that transformation of the African continent,” he said.

Also speaking, Nmehielle said the annual meetings are primarily a statutory event of the bank.

“During the meetings, the boards of governors of the bank will review the annual report of the bank, finances, operations and other activities of the bank and the fund during the preceding financial year,” Nmehielle said.

“The governors will then adopt resolutions and key decisions and conclusions of the annual meetings.

“There will also be a governor’s dialogue, which will provide a platform for governors to interact and engage with the president and senior management on issues of strategic significance on the continent.“

According to Nmehielle, this edition of the governor’s dialogue is happening at a critical juncture when the continent continues to face some crises.

He said the dialogue will reflect on the bank group’s new 10-year strategy aimed at accelerating Africa’s transformation together with the multilateral development banks.

The annual meeting will be held from May 27 to May 31 in Nairobi, Kenya.