During the meeting, the African governors discussed many important topics that focus on the importance of the World Bank Group’s participation in advancing the development process on the African continent
Minister of International Cooperation and Governor of Egypt at the World Bank Group, Rania Al-Mashat, delivered the speech of the African Governors during the African Consultative Group meeting with Ajay Banga, President of the World Bank Group.
The Minister specified the demands of the countries of the African continent from the World Bank to support climate action, saying, “We called on the World Bank among others to support Africa in mobilizing the $277 billion required annually to implement its National Determined Contributions (NDCs); strengthen countries' capacity to develop bankable projects and quantify the cost of climate impact; support the establishment of the Loss and Damage Fund (LDF); Invest in renewable energy; support the development of credible carbon markets; support countries to develop and implement climate prosperity plans.”
During the meeting, the African governors discussed many important topics that focus on the importance of the World Bank Group’s participation in advancing the development process on the African continent, the most important of which are public debts, financing energy projects, developing private sector participation, climate financing, and increasing the financial resources available to the International Development Association (IDA) to enhance its role in facing the challenges of developing countries.
“We appreciate the World Bank’s commitment to climate action including the expansion of the crisis response toolkit. However, bridging the financing gap remains a daunting task. We would like you President Ajay Banga to elaborate on potentials and viable strategies of the innovations that the Private Sector Investment Lab is proposing to help countries mobilize more climate finance,” Al-Mashat said in her speech.
The minister stressed on the operationalization of the Loss and Damage Fund and on the African Group’s aspiration for the rapid operation of the Fund.
“We look forward to the speedy operationalization of the Fund and encourage the Bank to provide countries with timely technical assistance to enhance the client’s capacity on climate risk assessment, impact analysis, negotiation, and costing vulnerability compensation required. Also, we expect that our countries will be accessing the Fund on grant terms in keeping with the climate justice principle that polluter pays,” Al-Mashat stated.
She indicated that the African Group welcomes the expanded crisis response toolkit, and calls on the Bank to consider extending the coverage of the toolkit to all IDA countries in or at high risk of debt distress.
Moreover, considering that, climate mitigation has a stronger business case, the minister urged the Bank to move for a stronger leveraging of private sector financing for mitigation activities while aiming to increase the share of adaptation finance to 70% on its account by 2030.
