African Development Bank Group President Dr. Akinwumi A. Adesina delivered a keynote address at the Islamic Development Bank’s 50th anniversary celebrations in Riyadh, emphasizing the urgent need for significantly increased financing to meet the Sustainable Development Goals (SDGs). Adesina highlighted a growing annual financial shortfall of $4 trillion, warning that it could derail efforts to achieve the SDGs by 2030.
Speaking before a distinguished audience of high-level officials, financial leaders, and private sector representatives, Adesina addressed the pressing need for enhanced financial strategies amidst global economic instability and escalating environmental challenges. He stressed the critical role of multilateral development banks in addressing these challenges through increased collaboration and innovative financial solutions.
Adesina outlined the African Development Bank’s strategic High 5 program, emphasizing its importance as a blueprint for progress in Africa. He underscored the program’s potential to achieve nearly 90% of the Sustainable Development Goals for Africa and highlighted five core areas where immediate action and innovative funding are crucial: climate change, food security, energy access, health security, and mobilizing resources for SDGs.
Regarding climate change, Adesina described it as the most significant challenge to achieving the SDGs, emphasizing Africa’s disproportionate vulnerability to its impacts. He noted the African Development Bank’s target to raise $25 billion for climate adaptation by 2025. On food security, he reiterated the Bank’s commitment of $25 billion to support Africa’s self-sufficiency in food by 2030, citing successes in agricultural transformation initiatives such as the Technologies for African Agricultural Transformation (TAAT) program.
In addressing energy access disparities, he highlighted the Bank’s Desert-to-Power initiative, aiming to develop 10,000 megawatts of solar power across the Sahel region. He also advocated for increased investment in health infrastructure and local pharmaceutical capacities to enhance health security, citing lessons learned from the Covid-19 pandemic.
Adesina emphasized the need for innovative financing, mentioning groundbreaking steps taken by the African Development Bank, such as the issuance of landmark hybrid capital and pioneering the use of Special Drawing Rights (SDRs) as hybrid capital in collaboration with the Inter-American Development Bank.
In conclusion, Adesina called for collective action to achieve the ambitious goals of the 2030 Agenda for Sustainable Development, urging developed countries to increase support for official development assistance. He emphasized the importance of Islamic finance principles in bridging the SDGs financing gap.
Adesina’s address at the Islamic Development Bank’s 50th anniversary celebrations underscores the critical need for increased financing to meet the SDGs amidst global economic challenges and environmental threats. The signing of bilateral agreements further strengthens cooperation between African countries and the Kingdom of Saudi Arabia in promoting sustainable international development.
