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G-20 Toronto Summit
AfDB Welcomes G-20 Commitment to ADF Replenishment
The African Development Bank (AfDB) Group has welcomed the G-20’s recent commitment to ensure a robust replenishment of the African Development Fund (ADF), the concessional window of the Group.
G-20 Recognizes Critical Role Played by MDBs
The G-20 Summit in Toronto took place at a time when the world is faced with uncertainty about the fate of the economy.
However, the G-20 leaders clearly recognized the key role multilateral development institutions have to play during this difficult period and the need to provide additional support. Read More
The G-20 Toronto Summit Declaration
“We will fulfill our commitment to ensure an ambitious replenishment for the concessional lending facilities of the MDBs, especially the International Development Association and the African Development Fund” – The G-20 Toronto Summit Declaration - June 26 – 27, 2010 Read More
Established in 1999, two years after the Asian financial crisis, the G-20 has held annual meetings of finance ministers and central bank governors from Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Republic of Korea, Russia, Saudi Arabia, South Africa, Turkey, the United Kingdom, the United States and the European Union.
In 2008, G-20 leaders met for the first time in Washington to develop a coordinated response to the global economic crisis. The Washington Summit was followed by summits in London in April 2009 and in Pittsburgh in September of the same year, where leaders designated the G-20 as the premier forum for international economic cooperation.
Over the course of the three summits, leaders crafted a coordinated global response to the crisis. They implemented stimulus measures to restore confidence, and agreed on actions to strengthen financial regulation. Leaders also committed to reform international financial institutions and agreed to promote trade and resist protectionism. These interventions have been effective in mitigating the impact of the crisis, while encouraging a quicker transition to recovery than would otherwise have been expected.
The G-20 Toronto Summit will provide leaders with an important opportunity to follow through on commitments made at previous summits, and to continue the work of building a healthier, stronger and more sustainable global economy.
The G-20 consists of 19 countries and the European Union. South Africa is the only African member country of the G20.