AfDB annual meeting opens May 22 in Sharm El-Sheikh Egypt

At least 3,000 participants including the private sector, civil society and government representatives are expected on May 22, 2023 at the opening of the 58th Annual Meeting of the African Development Bank (AfDB) group which will take place in the Egyptian city of Sharm el-Sheikh under the prism of climate finance in Africa.

From May 22 to 26, 2023, the African Development Bank (AfDB) is bringing together all its organs including the African Development Fund (ADF) and the Urban and Municipal Development Fund (UMDF) within the framework of the 58th annual meeting of the board of governors of the group. The meeting, which will take place at the Sharm el-Sheikh International Conference Center in Egypt, will focus on climate finance.

During four days, sustainable development experts, economic operators and political leaders of the continent will discuss strategies to accelerate green growth, especially in countries most affected by the effects of climate change, starting with Egypt.

With a gross domestic product (GDP) estimated at 341.7 billion euros in 2021 by the World Bank, the host country of the 27th United Nations Conference of the Parties on Climate Change (COP27) held in November 2022 is constantly on the lookout for climate financing to strengthen the food security of its 109 million inhabitants plagued by drought.

That is why the AfDB will be looking for concrete investment agreements with the private sector to strengthen their contribution to climate resilience. These are mainly commercial banks and industrial platforms whose environmental impact is no longer to be neglected in view of pollution peaks, particularly in sub-Saharan Africa.

“Africa’s green transition will require the mobilization of significant resources. Between 1,300 and 1,600 billion dollars are needed over the period 2020-2030, to implement climate action as expressed in the countries’ nationally determined contributions (NDCs),” says the AfDB.

To this end, the institution based in Abidjan, Ivory Coast, intends to mobilize up to $127.2 billion per year from its regional and international partners to bridge the climate finance gap on the continent.