The annual general meetings of the African Development Bank (AfDB) started this Monday May 28th in Nairobi, focusing on a theme related to the reform of the international financial architecture, a subject dear to Akinwumi Adesina. The Nigerian has led a global reflection initiated since the Covid-19 pandemic, which resulted in the issuance of special Drawing Rights (SDRs) by the IMF to support developing countries. For the AfDB president, who has successfully gotten the multilateral financial system to adopt the principle of hosting SDRs to leverage them, this represents a significant advancement. However, the real stakes of reforming the international financial architecture lie in addressing climate challenges.
According to Ms. Kaba Nialé, Ivorian Minister of Economy, Planning, and Development, Africa would need $213 billion per year until 2030 to meet sustainable development challenges, as specified in the nationally determined contributions plans. These needs, which are part of a global partnership perspective, can only be met if developed countries fulfill their commitments made during various Conferences of the Parties (COP).
Alongside the main theme, several sessions and parallel events are scheduled, addressing relations between BRICS Plus and Africa, the Sustainable Development Goals (SDGs), the African Union’s Agenda 2063, the energy transition, food sovereignty, and climate justice.
Behind the scenes, discussions will likely focus on the candidates to succeed Akinwumi Adesina, whose term ends next year.
