In a global context marked by a succession of crises and headwinds since the emergence of covid-19 in 2020, Africa has demonstrated a great capacity for resilience. The continent has continued to record positive economic growth.

According to the African Development Bank's Africa Macroeconomic Performance and Prospects report, the continent is expected to grow its real gross domestic product by an average of 4% in 2023 and 2024. This is higher than the global averages of 2.7% and 3 ,2%.

In detail, 53 of the bank's 54 African member countries experienced positive developments in 2022, which is expected to continue in the next two years. The sum of additional wealth created is expected to exceed 5% in several countries, such as the Democratic Republic of the Congo (6.8%), Gambia (6.4%), Togo (6.3%), Libya (12.9%), Mozambique (6.5%), Niger (9.6%) and Senegal (9.4%). But many challenges remain apart from climate risk, such as poverty and inequality, which, although they are decreasing, remain worrying.

In this context, the African Development Bank dedicates its Annual Meetings from 22 to 26 May 2023 in Sharm el-Sheikh, Egypt, to the theme “Mobilizing private sector financing for climate and green growth in Africa”. There is a lot at stake. If Africa achieves inclusive growth and sustainable development, it will be able to lift millions of people out of poverty and deliver a better future to its citizens.

These concerns are at the heart of the bank's priorities, which is committed to supporting African countries to achieve inclusive growth and sustainable development on the following five pillars: "light up and power Africa", "feed Africa". , "industrialize Africa", "integrate Africa" and "improve the quality of life of the African population."

But questions remain at the heart of a report commissioned by a group of experts who have attempted to provide answers. The report is expected to examine key sectors contributing to inclusive growth and sustainable development in Africa, with a focus on low-income countries, middle-income countries, countries in transition, mineral-rich countries or exporters. net oil.

The report is also expected to examine the internal and external shocks that often slow periods of high growth in African countries, as well as strategies to address them sustainably. Finally, the roles and responsibilities of the various stakeholders in the immediate, short, medium and long term are analyzed to help African countries achieve inclusive growth and sustainable development.

But among the key issues that will focus the debates in Sharm el-Sheikh is that of financing. Today, the capacity of African countries to mobilize domestic resources remains quite limited, due to the poor diversification of their economies, the persistence of illicit financial flows, more difficult access to international capital markets and, above all, a concentration of resources necessary for development. For this reason, the African Development Bank continues to actively advocate for greater deconcentration of official development assistance resources and for a greater role for regional multilateral development banks.

A preliminary high-level exchange was recently held between the African Union Commission, the African Development Bank and the African Union Development Agency (AUDA-NEPAD) on key actions to achieve inclusive growth and sustainable development. In Egypt, participants will be able to discuss how to ensure stronger nominal growth, develop a financial sector serving local businesses and, finally, define a debt strategy for African countries to mobilize more resources.

Achieving an inclusive and sustainable future for the people of Africa is a complex and multifaceted challenge. The African Development Bank advocates a comprehensive approach and the involvement of all stakeholders. Governments, the private sector, civil society and international partners are on the front line. The Sharm el-Sheikh debates will be an opportunity to strengthen the mobilization of ideas and advance the search for solutions to achieve this ambition.

Source: EcomNewsAfrique