the AfDB receives massive support to replenish the resources of the Fund that supports poor countries in Africa –

On the sidelines of the International Monetary Fund (IMF) and World Bank (WB) spring meetings recently held in Washington, African Development Bank (AfDB) group president Akinwumi Adesina received massive support from leaders of the global economy to supplement the resources of the African Development Fund, the Group’s concessional window that supports low-income African economies, a statement from the group said.

According to the press release, the efforts of these 16e fund replenishments continue through October, when partners are expected to announce their contributions.

Speaking at bilateral meetings, US Assistant Secretary of the Treasury Alexia Latortue said the African Development Fund is an essential part of Africa’s development package. She told the bank president that the United States remains a strong and proud supporter of the Fund, which is strategically focused and impactful. Latortue praised Adesina’s leadership in drafting the Bank for Africa’s bold emergency food production plan to avert the looming food crisis caused by Russia’s war in Ukraine and assured him of the strong partnership position of the US Treasury Department in this regard.

Adesina has received similar strong support for the replenishment of the African Development Fund from other partners, including the Swedish Minister for International Development Cooperation, Matilda Ernkrans, Anne Bethe Tvinnereim, the Norwegian Minister for International Development, Vicky Ford, the British Minister for Africa and Paul Ryan. , Irish director of International Finance and Climate. They gave their strong support to the African Development Fund to exit the capital markets to use its equity to raise more resources for the benefit of fragile and low-income states.

Adesina told shareholders that the African Development Fund’s impact on Africa through their support was enormous and far-reaching. According to Swedish Minister Ernkrans: “The African Development Bank is doing a great job and we support it wholeheartedly. Sweden supports the African Development Fund to use market resources to make more money available to countries. You do an excellent job. †

During his meeting with the African Union’s (F15) group of 15 finance ministers, Adesina outlined the continent’s immediate challenges and the solutions being implemented to successfully address them. At the top of Adesina’s list is a plan to massively increase food production in the face of an looming global food crisis caused by the Russian war in Ukraine and the need to replenish the African Development Fund in a more flexible and substantial way. Ministers agreed on a joint communiqué on financing Africa’s economic resilience in times of turmoil. They called for a substantial replenishment of the African Development Fund and for the Fund to be able to use its own resources to mobilize more resources from international capital markets to meet the rapidly growing needs of countries in Africa.

Adesina showed the innovative initiative of the African Development Bank Technologies to Transform African Agriculture (TAAT, by its English acronym), a program covering nine staple foods in more than 30 African countries. He said the Bank plans to mitigate the effects of the food crisis through the African Food Crisis Response and Emergency Facility – a special facility that will provide African countries with the resources needed to increase local food production and obtain fertilizers. .

For Adesina, a fertilizer crisis triggered by the Russian war in Ukraine could jeopardize food production worth more than $10 billion. He announced that the Bank had convened a global meeting of key world leaders in the development, financial, public and private sectors in mid-May to facilitate Africa’s access to fertilizers.

Adesina was received at the White House by Dana Banks, special assistant to US President Joseph Biden and senior director for Africa at the White House. Banks said it was important to mitigate the effects of the Russian war in Ukraine on food security in Africa and strongly praised the African Development Bank’s leading role in its emergency food production plan for Africa.

Adesina also met Melinda French Gates, co-chair of the Bill and Melinda Gates Foundation. French Gates said it was important for Africa to feed itself and focus on nutrition. She expressed support for the bold Emergency Food Production Plan for Africa prepared by the African Development Bank and called for a strong replenishment of the African Development Fund. She also called for a strong replenishment of African Development Fund resources. “I will be your strong advocate for the G7 countries to do more for the African Development Fund and to make more resources available to Africa,” she said.

A meeting of heads of regional multilateral development banks was also held to discuss, among other things, the impact the Russian war in Ukraine had on development efforts around the world. Adesina emphasized the direct impact on the food and fertilizer supply in Africa. He also highlighted the Bank’s climate change collaboration with the Global Center on Adaptation, as well as the Bank’s record high investment in renewable energy, whose portfolio reached 83%.

Adesina and several heads of multilateral development banks agreed that it was imperative to speak with one voice on the reallocation of special drawing rights from the International Monetary Fund.

The Bank’s president also spoke about the importance of endogenous vaccine production in Africa and the progress made to realize the idea of ​​an African Foundation for Pharmaceutical Technology.

At a meeting at the Atlantic Council earlier this week, Adesina answered questions from her Africa Chair, Ambassador Rama Yade, and other panelists, providing a broad perspective on Africa’s challenges and the actions being taken by African countries to address these issues. with the support of the African Development Bank Group. He called for greater mobilization of resources in Africa. “I don’t believe in begging. Africa must continue to develop with its own resources,” he said.

The President of the Bank Group invited his various interlocutors to the annual meetings of the African Development Bank Group to be held from 23 to 27 May 2022 in Accra, Ghana.

Source: com AfDB

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