Dr Akinwumi Adesina, African Development Bank President has called for a ‘bold and an innovative approach’ from multilateral development banks to tackle global challenges.
Adesina was speaking at the Islamic Development Bank’s recent 50th-anniversary symposium, titled “Envisioning Future Value Propositions for MDBs: New Horizons for Cooperation.”
A high-level panel present at the symposium (pictured above) include Dr Muhammad Al Jasser, Islamic Development Bank Group President, Cameroon’s Minister of Economy, Planning and Regional Development, Mr. Alamine Ousmane Mey, and the World Bank’s Vice President, Middle East and North Africa Dr Ousmane Dione.
Adesina said if Africa focuses on what he calls High 5s, 90% of sustainable development goals would be met by 2063. He said this was concluded by an independent review of the United Nations Development Program (UNDP).
High 5 priorities are to Light Up and Power Africa, Feed Africa, Industrialize Africa, Integrate Africa, Improve the Quality of Life for the People of Africa.
In discussions focusing on the evolving roles of Multilateral Development Banks (MDBs) in tackling complex challenges confronting the Global South, Adesina emphasised the urgency of increasing concessional financing for low-income countries in Africa.
Africa’s share of commercial debt has risen from 17% to 44% between 2000 and 2024, he said. “We cannot be developing based on commercial debt.”
He specifically advocated for tripling the resources of the Bank Group’s concessional arm, the African Development Fund, to at least $25 billion for its next three-year replenishment cycle.
The Islamic Development Bank’s Al Jasser unveiled plans to double project approvals and disbursements to $364 billion over the next decade to accelerate sustainable development across its member countries.
Picture of dignitaries at the event: Supplied