CBE Governor: AfDB Plays Key Role in Promoting Economic Development within Continent

Hassan Abdullah, Governor of the Central Bank of Egypt (CBE) and Chairman of the Board of Governors of the African Development Bank (AfDB) praised the important and vital role of multilateral development institutions, in particular, the African Development Bank as a major and important player in African development, through the active efforts it makes in all fields, foremost of which is mobilizing the necessary financing and enhancing the participation of private capital in the economies of the countries of the continent.

Abdullah said: “I am pleased to welcome all of you to the annual meetings of the African Development Bank for the year 2023, as I am honored to convey the greetings of His Excellency President Abdel Fattah El-Sisi, who directed providing full support to ensure the success of this important event."

In a welcome message, he added: “After Egypt’s success in hosting COP27, in addition to other major events including the Annual Meetings of the Islamic Development Bank for the year 2022, I am confident that the Annual Meetings of the African Development Bank 2023 in Sharm El-Sheikh will be an exceptional event. ".

The governor affirmed that Egypt's hosting of the annual meetings for this year confirms the state's firm determination to support integration and development among the countries and institutions of the African continent through permanent and continuous cooperation with development partners, led by the AfDB.

He expressed his deep appreciation to the Bank’s management and team responsible for the annual meetings for their great efforts and their choice of the theme for this year on “Mobilizing Private Sector Finance for Climate and Green Growth.”

He pointed out that it is one of the most pressing issues for all countries of the world in general and African countries in particular. Climate change contribute to a number of negative repercussions, especially on food security, increasing population displacement, and increasing pressure on water resources on the continent.

"We are all aware that the current level of climate financing on the continent needs more resources, as total flows cover only 12% of the required financing, and it is critical to make available additional resources to build economies resilient to climate change," he added.

Abdullah continued: “Accordingly, there is an urgent call to stimulate the private sector to play a more effective role in green growth and sustainable development in all its aspects within the continent.” 

He noted that Egypt has organized two side events during the upcoming meetings to discuss: “Mobilizing blended finance to facilitate green transformation in emerging economies,” and “The role of FinTech in launching sustainable and green finance.”