Supervisor Elham AbolFateh
Editor in Chief Mohamed Wadie

AfDB Chairperson: African Countries Bear Huge Burdens from Climate Change

Tue 23 May 2023 | 08:30 PM
Taarek Refaat

Hassan Abdullah, Governor of the Central Bank of Egypt (CBE) and AfDB Chairperson of board of Governors said that the continent of Africa produces the lowest rates of carbon emissions and pollutions, but it bears great burdens resulting from climate change.

This came during the annual meetings of the African Development Bank (AfDB), hosted by Egypt in Sharm El-Sheikh

Hassan Abdullah explained that the volume of domestic and international financial flows allocated to the climate in Africa is estimated at only $30 billion, representing only 12% of the volume of funding required, which reflects the size of the financing gap facing the countries of the continent.

He expressed his hope that the annual meetings of the AfDB will result in drawing a road map for mechanisms to deal with the topics for discussion, calling for finding new and innovative financing mechanisms aimed at strengthening the capacity of African countries in facing the challenges of climate change and achieving stability and development.

He added that international and regional financial institutions should consider adopting a new approach to support African countries, in a way that not only provides loans, but encourages the flow of investments.

He pointed out that President Abdel Fattah El-Sisi directed to provide all support to investors and the private sector.

He also noted that African countries do not need high-cost loans as much as they need direct investments and low-cost financing.