Egyptian central bank governor Hassan Abdalla has received Monday morning African Development Bank (AfDB) president Akinwumi Adesina to inspect the final preparations for the AfDB’s Annual Meetings taking place in Sharm El-Sheikh on May 22-26.
AfDB governors will gather in Egypt to find ways to mobilise the robust private investment Africa needs to meet its urgent climate change adaptation and mitigation goals.
The theme of this year’s meetings — Mobilising Private Sector Financing for Climate and Green Growth in Africa – stresses the growing urgency expressed by Africa’s leaders for a step change in efforts to limit temperature rise to 1.5 °C above pre-industrial levels by 2100. This is seen as critical to protecting the world’s most vulnerable countries, many of which are in the continent.
The 2023 Annual Meetings follow on the heels of the 27th global climate summit (COP27), which also took place in Sharm El-Sheikh in November 2022. At COP27, Egypt and AfDB amplified Africa’s voice in calling for global support for a just energy transition, fulfilment of climate finance pledges, and the need to compensate vulnerable countries for losses and damages caused by climate impacts.
“Hosting the annual meetings for the third time in Egypt affirms our steadfast determination in supporting the integration and development of Africa through this vital institution.” said Central Bank of Egypt (CBE) Governor Hassan Abdalla.
Abdallah also referred to Egyptian President Abdel Fattah al-Sisi’s directives to all national stakeholders in order to provide full support to ensure the success of the annual meetings.
“The impact of climate change has been compounded by the COVID-19 pandemic and the implication of geo-political tensions. We are all conscious that the current level of climate finance in the continent needs to be substantially increased with total flows covering only 12% of the climate finance needed in Africa it is crucial to unlock additional resources to build climate-resilient economies.”
“Accordingly, there is an urgent call to mobilise more resources by incentivising the private sector to pay a more important role in green growth and sustainable development to all envision for Africa.” Abdallah added.
