Development lenders in Africa can use existing global crises as a condiment to help the continent dramatically increase food production. This is a joint conclusion of the panelists at this year’s Finance in Common (https://bit. ly/3VAI1Bm) summit in Abidjan on Wednesday.
Participants agreed that progress partners work with governments and other policymakers to build the resilience of personal enterprises, especially those led by women.
Panelists Beth Dunford, Vice President for Agriculture, Human and Social Development, African Development Bank; Ijeoma Ozulumba, Chief Executive Officer and Chief Financial Officer, Development Bank of Nigeria; James Mwangi, Group Managing Director and CEO of Kenya-based Pan-African Equity Group Holdings; and Admassu Tadesse, CEO of Trade and Development Bank.
The panel discussion, Unlocking a Smart and Inclusive Recovery in Africa through the Private Sector, was one of many at the three-day summit that tested how progressive multilateral banks can provide tangible answers to Africa’s escalating challenges.
The African Development Bank and the European Investment Bank co-sponsored the summit under the theme; Green and just transition for a sustainable recovery to highlight the role of public banks of progress in Africa’s recovery, as the continent faced the effects of the Covid-19 pandemic, climate replenishment and Russia’s war in Ukraine. The meetings take place less than a month before the start of the UN climate conference, COP27, in Sharm el-Sheikh, Egypt.
Dunford highlighted projects through the African Development Bank aimed at editing monetary inclusion, that is, through the empowerment of women through digitalization and capacity building to make their businesses profitable.
She said many women entrepreneurs in sub-Saharan Africa struggle to get affordable credit because of the misconception that their gender makes them high-risk borrowers. Dunford said the African Development Bank is running to replace the mentality that women are not solvent.
“At the African Development Bank and in our gender equality strategy, we look at women’s economic empowerment in everything we do,” Dunford said. She added: “Every time the bank operates, it is recognised that women’s empowerment is the key to growth. The strategy is being implemented in the cut-off circle of relative poverty.
Dunford said the bank’s Affirmative Financial Action for Women in Africa (AFAWA) program has maintained its purpose of closing the $42 billion financial hole for women.
She said the African Development Bank also makes sure there is room for the personal sector as governments look to the domestic market to mobilize credit amid tighter global conditions.
Tadesse said Africa wants to use climate action to encourage agriculture and weather-resistant infrastructure to encourage food production.
He said: “What you really want to do now is to refocus on source-side measures, as climate change, the Covid-19 pandemic and new war-related shocks in Ukraine have left serious problems at the source. This is what drives inflation, food distrust, distrust of power and all fronts. “
The executive director of the Trade and Development Bank said existing food losses account for 8 percent of greenhouse fuel emissions and that solving them would be climate action. It will make a particular contribution to the fight against climate change. “
Tadesse reiterated the call to channel more Special Drawing Rights from the International Monetary Fund to Africa. “We’ll see more SDRs circulating in Africa, and if not, it will be a missed opportunity. “
Mwangi called for closer collaboration between countries and progression partners for a speedy recovery. “I see that we are moving more and more towards scenario planning and since the scenario evolves very quickly, running in combination and learning from others will make us grow,” he said. .
Panelists also discussed current exchange rate volatility, emerging credit costs, and smart governance in managing the growth of monetary institutions. Drawing on the experience of the Development Bank of Nigeria, Ozulumba said, “Governance is key to building a development bank, and Nigeria is a smart style with operational power. “
Thomas Östros, Vice-President of the European Investment Bank, moderated the panel.
Contact: Kwasi Kpodo, Communications and External Relations, African Development Bank media@afdb. org
About the African Development Bank Group: The African Development Bank Group (AfDB) is Africa’s leading progressive financial institution. It contains 3 distinct entities: the African Development Bank (AfDB), the African Development Fund (ADF) and the Nigeria Trust Fund (NTF). ). Present in 37 African countries with a workplace in Japan, the AfDB contributes to the economic and social progress of its 54 regional member states. More information: www. AfDB. org
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