African Development Bank Meets Amid Iran War, Ebola
The bank is seeking to mobilize $4 trillion in African institutional capital as overseas aid drops nearly a quarter, officials said.
- On Monday, African leaders and financiers gathered in Congo Republic for the African Development Bank annual meeting as the continent confronts shrinking global aid flows, which dropped by nearly a quarter last year to $174.3 billion.
- An Ebola outbreak in the neighboring Democratic Republic of Congo has spread to Uganda and caused more than 170 suspected deaths, threatening attendance despite the government reporting no restrictions based on World Health Organization guidelines.
- AfDB President Sidi Ould Tah proposed the New African Financial Architecture for Development to help Africa "raise development finance at scale, at speed, and at lower cost, primarily from its own resources."
- Backers of the plan estimate Africa holds $4 trillion in institutional capital capable of addressing the $400 billion annual development financing gap, though Sub-Saharan Africa's savings rate remains low at about 18%, World Bank data shows.
- Kenyan President William Ruto argued that while "capital in Africa" exists, projects remain starved of financing; Oxford Economics' Jacques Nel emphasized leveraging domestic capital to "catalyse foreign capital inflows" and derisk projects.
13 Articles
13 Articles
African Development Bank meets amid Iran war, Ebola
The African Development Bank began its annual meeting today in Brazzaville under the cloud of an Ebola outbreak in central Africa and continental economic fallout from the Iran war. The week-long gathering is the first since Mauritania’s former Finance Minister Sidi Ould Tah was elected the lender’s president a year ago. He has made enhanced access to “affordable capital” the core of his agenda for Africa’s largest development lender.Tah wants t…
The capital Brazzaville has strengthened the health security measures against the Ebola virus at the start of the annual meetings of the African Development Bank Group, which attract more than 3000 international participants
The Citizen
ZawyaAfDB meets under Ebola's cloud as Africa hunts for development cash at home
African leaders and financiers gathered for the African Development Bank's annual meeting on Monday as the continent faces shrinking aid flows, with this week's event in Congo Republic...
African Development Bank Meeting Opens Under Ebola Shadow as Africa Seeks New Funding Model
Leaders, policymakers, and financial experts gathered for the annual meeting of the African Development Bank in Republic of the Congo on Monday amid growing concerns over declining global aid flows and a worsening Ebola outbreak in Central Africa. The summit comes at a critical moment for the continent as African governments face rising debt pressures, […] The post African Development Bank Meeting Opens Under Ebola Shadow as Africa Seeks New Fun…
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