Chief Economist at the African Development Bank (AfDB), Prof. Kevin Urama, has stressed the importance of financing in speeding development across Africa. Speaking at a virtual pre-media conference to announce the 2024 African Development Bank (AfDB) Annual Meetings, Urama cited money as a major impediment to the continent’s growth.
The annual meetings, which are scheduled to take place in Nairobi, Kenya, from May 27 to May 31, will provide a forum for financial experts to talk about ways to advance Africa’s development within the dynamic framework of the global financial system.
“The annual meetings will feature several knowledge events, such as the presidential dialogue and a high-level event on the inauguration of the African Economic Outlook Report 2024, among others. In all our research, we have discovered that financing has remained the major constraint of accelerated transformation on the continent.
“So, this knowledge event will bring financial experts on the continent to look at ways of driving Africa’s transformation in the changing global system,” Urama said.
The theme of the meetings, titled “Africa’s Transformation, the African Development Bank Group,” and the “Reform of the Global Financial Architecture,” aim to allow AfDB governors to share experiences, identify challenges, and discuss major reforms made in their economies.
Also, the Secretary-General of the African Development Bank, Prof. Vincent Nmehielle, emphasised the importance of the bank’s annual meetings as statutory events. He said the agenda would include a review of the bank’s annual report, finances, operations, and other activities from the previous fiscal year.
“The governors will then adopt resolutions, key decisions, and conclusions of the annual meeting,” he concluded.
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