FICS Event for Africa’s Green & Resilient : a new engagement to boost all African PDBs11 May 2021
An event under the leadership of the AfDB with the collaboration of AADFI and IDFC
On May 11th, 2021, the Finance in Common System Event was held online, under the leadership of the African Development Bank (AfDB) with the collaboration of Association of African Development Finance Institutions (AADFI) and the International Development Finance Club, in the framework of the Finance in Common Spring Meeting under the theme “Africa’s Green and Resilient Recovery : A Common Objective”
This event, in the sidelines of the Summit on Financing African Economies (SFEA), to be held in Paris on May 18th, hosted by President Macron, to gather African Leaders and institutions, as well as their key international Partners, is a unique opportunity to hear the voice of African PDBs and better understand their role in the financial architecture. The SFEA would emphasize the urgency of immediate resources for Africa’s recovery post-Covid 19 to ensure vaccine access and investment opportunities on the continent.
During the 11th of May event, opened and closed by Rémy Rioux, IDFC Chairperson and Agence francaise de développement (AFD) CEO and Dr. Akinwumi Adesina, AfDB President, African PDBs and their partners, expressed their willingness to do more for SDGs and Climate on the continent.
To watch again all the sessions of this event please click here
“Today, we have gone deeper into this issue: we have demonstrated the necessity to deepen the partnership between different types of actors, and at different scales of action. With only one objective: Africa’s Green and Resilient Recovery.” said Mr. Rioux. “African challenges, more than anywhere else, require us all to go seek coordinated responses and actions. In Africa, we certainly need to leave no one behind. Let’s Finance in Common and build a common story of investment in Africa.” He added.
During this event African public development banks, in a joint declaration, called for the heads of state and international organizations to support our role in the African financial system and provide us with the necessary means and incentives: a clearer mandate for climate and SDGs, additional capacity building, greater access to concessional resources as well as reinforcement of our capital bases, taking advantage of the expected SDRs issuance by the International Monetary Fund (IMF)
Along with other African and international institutions IDFC members, including the the Development Bank of Western Africa (BOAD) CEO, Serge Ekue, the Development Bank of Southern Africa (DBSA) CEO, Patrick Dlamini, the Eastern and Southern Trade and Development Bank (TDB) CEO Admassu Tadesse but also experts from the AfDB, AFD and KfW, participated as panelists in the different sessions focused on concrete proposals and innovative financial solutions to unlock the potential of African PDBs to promote sustainable development investments in Africa.
“African Public Development Banks have a key role to play to fully align with the Paris Agreement, foster Biodiversity inclusion & ensure a Just Transition for a sustainable future in Africa” said DBSA CEO Patrick Dlamini.
As AfDB CEO Dr. Akinwumi Adesina stated during the event: “Together, within the framework of Financing in Common, let us move forward boldly and strengthen institutional capacities, governance and financial capacity of public development Banks.As public development banks, we must deepen our ability to reach all parts of Africa. To ensure financial inclusion, especially for the unbanked, and expand access to finance, savings and insurance products and services, we need to work as one unified system.”
More to come under the Finance in Common movement !