AfDB to Help Shape Continental Agenda at World Economic Forum

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From: 04/05/2010
To: 07/05/2010
Location: Dar es Salaam, Tanzania

WEF: African Countries with Access to Capital Markets Should Tap Them for the Development of Infrastructure, says Donald Kaberuka

The World Economic Forum (WEF) on Africa ended on Friday, 7 May 2010, in Dar-es-Salaam, Tanzania, after three days of deliberations on how leaders and policy-makers should deal with challenges posed by the global economic crisis and how to use the crisis as an opportunity to design a sustainable road map for the continent’s development.



Context

The African Development Bank (AfDB) Group will join African and global leaders in defining a continental development and growth agenda at the 20th World Economic Forum (WEF) for Africa scheduled to take place from 4-7 May 2010 in Dar es Salaam, Tanzania.

In line with a partnership agreement signed with the WEF in March 2010, the AfDB President, Donald Kaberuka, will lead a delegation of the institution’s senior management to the Forum on the theme, “Rethinking Africa’s Growth Strategy”.

The Bank Group’s participation will focus on two key areas – knowledge production, management and dissemination and the private sector as a strategic economic growth engine in Africa.

Given the recent global economic crisis and the ongoing reassessment of global cooperation, financial architecture, trade and climate change policies, the forum is a wake-up call to speed up implementation of reforms. Participants will review how leaders are tackling the challenges posed by the crisis as well as how it can be used as an opportunity to redesign a sustainable roadmap for Africa’s future within the new global economy.

The meeting is in line with the tradition of uniting African and global leaders to shape the continent’s agenda. In this regard, the Forum’s Global Redesign Initiative (GRI) will play a prominent role in the discussions. In addition, the Forum’s Summit of Young Global Leaders will be held concurrently in Dar es Salaam, and will integrate over 200 of the world’s top young leaders in the meeting.

Participants will also discuss how African nations are managing relations with key economic partners, with an increasing trend towards greater South-South cooperation. As Africa joins India and China in crossing the billion person mark, its young population, natural resources and market potential are catalysts for significant future growth and development.

Furthermore, participants will review blockages to social and economic progress to harness this potential. Key issues include access to education, healthcare and affordable capital; new models of governance and a unified approach to ensuring peace and security in troubled areas. These discussions will ensure a more conducive business climate and regulatory reforms can encourage both local and international investment. Most importantly, how can low-carbon, sustainable development plans be designed for Africa’s economic drivers including its natural resources, agriculture and tourism?

The AfDB-WEF strategic partnership confers on the Bank the status of a regional partner for Africa and serves as a unique platform to shape the global agenda on Africa and share views, information, knowledge and expertise on a wide range of development issues.

As Africa’s premier development finance institution, the AfDB will share perspectives on its strong response to the financial crisis which included fast-tracking resource commitments, establishment of new instruments to facilitate trade, and portfolio restructuring.

The Bank’s Governors Consultative Committee (GCC), which recommended a 200% general capital increase for the institution on 23 April in Washington D.C., cited the effectiveness of these timely interventions as one of its eminent qualities.

The Committee also praised the Bank’s unique focus on proven high-growth strategic areas such as infrastructure, private Sector, regional integration, governance and knowledge management in its interventions in the Regional Member Countries.

The AfDB delegation at the Forum will include Vice President and Chief Operating Officer, Nkosana Moyo, and the Regional and Country Programmes and Policy Vice President, Aloysius Ordu.