Hassan Abdalla, Governor of the Central Bank of Egypt (CBE) and Egypt’s representative at the African Development Bank (AfDB) Group, released a statement on the occasion of AfDB’s 60th anniversary and the 2024 Annual Meetings, held under the theme “Africa’s Transformation, the African Development Bank Group, and the Reform of the Global Financial Architecture” in Nairobi, Kenya.
Abdalla stated: “On the occasion of the Bank’s 60th anniversary, I would like to congratulate the AfDB Boards, president, management and staff on the exemplary dedication and excellence shown in serving the continent’s evolving priorities throughout six decades.
“I commend the Bank’s choice of this year’s theme which tackles ‘Africa’s Transformation and the Reform of the Global Financial Architecture’ and I look forward to the active engagement with the esteemed Governors and Policy Makers in Nairobi.”
Recognizing that climate risks and inequalities now top the global agenda, Abdalla emphasized the need for stable, long-term financing to address the climate crisis and achieve the Sustainable Development Goals.
He said: “The international financial architecture is facing a set of challenges as it was designed at a time when neither climate risks nor inequalities were considered as the main impediments to development. Yet, these challenges have now turned into the world’s top priorities.
“We are currently facing more pressures due to the increasing need of mobilizing stable and long-term financing to confront the climate crisis and achieve the Sustainable Development Goals.”
Abdalla stated: “In Africa, with a significant number of countries either in debt distress or at high risk of debt distress, we allocate significant resources to debt servicing, which undermines critical sectors like education, health, and social protection.
“To address these issues, additional support from the international community coupled with bold and decisive transformative reforms are necessary to release/allocate additional resources through the International Financial Institutions.”
“As a leading voice of the African nations, we envision substantial efforts from the AfDB in steering the global agenda.
“We also look forward to deepening sustainable borrowings in the form of blended finance mechanisms in addition to aligning private capital and public goods through Public Private Partnerships.
He also praised the recent launch of the historic Global Sustainable Hybrid Capital by the AfDB, an exemplary initiative optimising resources.
He said: “A key highlight in this regard is the launch of the historic Global Sustainable Hybrid Capital of the AfDB early this year, which is a leading example in optimizing MDBs’ resources. Egypt and AfDB have been close partners since the Bank’s inception, and we will remain supportive of the AfDB’s continuous efforts across all streams.
“Last year’s remarkable partnership between Egypt and the AfDB, with respect to the issuance of Africa’s First Sustainable Panda Bond, is a model to replicate across the continent.”
He concluded: “Finally, I would like to emphasize the fact that the African nations possess significant collective potential and competitive advantages. Together, with the AfDB group and in collaboration with the leading regional and international organisations, we can pursue a multifaceted approach that addresses key economic and developmental challenges towards attaining a better and more prosperous future for the continent.”
