At IsDB Annual Meetings, Head of African Development Bank Calls for Stronger Global Partnerships to Achieve Sustainable Development Goals in Africa | African Development Bank

Dr. Akinwumi Adesina, President of the African Development Bank, gave a rousing speech at the annual meetings of the Islamic Development Bank (IsDB) group, highlighting the power of global partnerships and their significance in achieving the Sustainable Development Goals (SDGs) of the United Nations in Africa.

Speaking at a seminar titled Sustainable Development Disrupted: Advancing Impactful Partnerships to Rescue the SDGs on Thursday, May 11, Adesina thanked the IsDB for being a steadfast partner, contributing to co-financing operations that met the original $2 billion goal exceeded and reached $2.4 billion. and making a difference in 14 countries through 19 projects. These projects include critical sectors such as agriculture, energy, water and sanitation, transport and health, all aligned with the SDGs and the African Union’s Agenda 2063: The Africa We Want.

Adesina warned that “the SDGs will not be achieved globally unless they are achieved in Africa,” adding that “partnerships guided by mutual accountability” were critical to success. Noting that the continent needed “a lot more resources to achieve the SDGs”, he identified three areas for success: reallocating $100 billion in special drawing rights to Africa, attracting more private sector financing, and the growing debt challenges faced by African countries. confronted decisively. to land. “When we work together, in partnerships, we can do great things,” Adesina told the audience.

Adesina’s speech followed the opening remarks of IsDB President Dr. Mohammad Al Jasser. At a meeting between the two leaders, Al Jasser expressed his satisfaction with their cooperation and highlighted the joint funding of projects worth more than $8.3 billion in their 27 shared member states. Al Jasser acknowledged the impact of geopolitical and trade challenges, disruptions in the food and energy markets and mounting debt. He highlighted IsDB’s commitment to addressing these issues and supporting global food security, climate change mitigation and financing crises, with significant investments planned for agriculture and rural development in Africa.

Facilitated by the IsDB’s Special Envoy for SDGs Dr Rami Ahmad, the seminar featured a range of esteemed speakers including Egypt’s Planning Minister Dr Hala El Said, Senegal’s Economy Minister Oulimata Sarr, the Executive Director of the IMF, Dr. Mahmoud Mohieldin, and the UN Deputy Secretary-General. Ahunna Eziakonwa.

El Said stressed the critical importance of the SDGs and warned that “failure is not an option”. According to her Senegalese counterpart, “we will only achieve the SDGs if we can form the coalition of the willing”. “We need scale, unusual business and fairness,” Sarr said.

IMF director Mohieldin, who was the UN high-level champion on climate change for COP27, drew attention to the vital role of finance and made it clear that “whether we talk about climate finance or development finance, they are essentially the same” . “Without finances, we only talk about dreams and aspirations,” said Mohieldin.

Eziakonwa stressed the need for collective action. “SDGs don’t need rescue – multilateralism needs rescue. If we can match the spirit of 2015, we will get there,” said Eziakonwa.

Adesina underlined the critical need for global partnerships to address the massive shortage of access to electricity in Africa, which nearly 600 million people currently lack access to. To tackle the pressing problem of hunger in Africa, Adesina said his organization had committed to investing $25 billion over 10 years to ensure food security. In addition, he said, in response to the fallout from Russia’s invasion of Ukraine, the bank has introduced a $1.5 billion emergency food production facility to provide 20 million African small farmers with certified seeds.

The annual meetings of the Islamic Development Bank began on Wednesday, May 10, 2023 in Jeddah, Saudi Arabia, and will conclude on Saturday, May 13, 2023. The meetings will bring together delegations from the Group’s 57 member countries, alongside observers from international and regional organizations to discuss development issues and institutional matters.