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Africa on the spotlight at the G8 Development Ministerial Meeting
Supporting Africa in overcoming the adverse impact of the financial crisis has been the main theme at the G8 Meeting of the Ministers of Development taking place in Rome on 11th and 12th in Rome. Drawing on several analyses, including the paper on the impact of the financial crisis presented by the Bank, the call for urgent action has been shared by all delegates.
Delegates from African Union Commission, African countries and several G8 countries specifically called for more support for Africa, as well as an enhanced role of multilateral development organizations, such as the African Development Bank to channel resources to the continent. This call for more resources has been echoed by the ADB’s delegation, which highlighted the number of requests of support the Bank is receiving, as well as the need to ensure adequate resources are provided to meet with such demands.
The meeting final communique also called for a more coordinated response to the crisis, highlighting the need to monitor vulnerability more closely, to promote development investments and to take rapid and effective action to combat climate change.
The Bank also presented a paper highlighting the need to improve governance. The paper has been commended by several delegates, such as the Italian government who hinted at the Extractive Industry and Transparency Initative. The ongoing cooperation between the G8 Chair and the Bank has also been mentioned, including the launch of an African Risk Mitigation Initiative for Infrastructure Development.
The AfDB President is preparing to take part in the upcoming meeting of the Ministers of Finance, taking place in Lecce from 12-13 June 2009.