AFDB could have key role in offering Africa's priorities to int'l community, says min.

CAIRO - 16 November 2022: Finance Minister Mohamed Maait said the African Development Bank (AfDB) could have a key role in presenting Africa's priorities to the international community and multilateral banks, which in turn could contribute to facilitating financing terms for African countries amid the current global economic challenges.

 

Maait's remarks came during his meeting on Wednesday with AFDB President Akinwumi Adesina, on the sidelines of the 2022 UN Climate Change Conference, COP27, currently held in the Red Sea resort city of Sharm El Sheikh.

 

The finance minister shed light on the great support offered by the AFDB to Egypt in the recent period, asserting the necessity of boosting bilateral cooperation.

 

Maait underlined the importance of achieving food security for Africa, which became a pressing issue that requires the optimum utilization of available resources and increasing the agricultural production and industrial output, as well as forming African supply chains that help the African continent serve as a world's breadbasket.

 

The finance minister called for establishing a flexible mechanism to exchange basic commodities among African states, notably wheat and fertilizers, in a way that enhances the capacity of African economies, expanding the volume of intra-trade and improving the competitiveness of African economies.

 

On his part, AFDB president stressed his keenness to provide support for Egypt in water projects and a food security initiative.

 

Adesina said the AFDB seeks to strengthen agricultural and water integration among African countries, especially in light of the negative impacts of the Ukrainian war, through cementing African cooperation in the fields of agriculture and water rationalization.

 

The AFDB president pointed to the important part that could by played by multilateral banks in easing financing requirements for African countries to be able to adapt to climate change, by building projects in the areas of infrastructure, agriculture and information technology.