AfDB Rallies African Leaders on Global Finance Reform

At the African Development Bank’s 2024 Annual Meetings in Nairobi, Kenya, the institution showcased its role as a “Solutions Bank” driving Africa’s transformation agenda through massive investments across the continent. Six African presidents joined Bank President Akinwumi Adesina in calling for reforms to the global financial architecture to unlock more resources for Africa’s economic progress.
The host country Kenya announced strong support, pledging $100 million over three years to increase its shareholding in the AfDB and other development banks, as well as contributing $20 million to the Bank’s concessional financing window. Kenya’s President William Ruto praised the AfDB’s financing of major Kenyan infrastructure projects.
Several heads of state attended, expressing backing for channeling IMF special drawing rights through multilateral development banks – an initiative championed by the AfDB. Close to 5,000 delegates participated in the Meetings.
Adesina highlighted the Bank’s over $50 billion invested in infrastructure in nine years, and innovative initiatives like the $10 billion Alliance for Green Infrastructure in Africa partnership. Programs supporting women, youth, and agro-industrialization were also touted.
The Islamic Development Bank’s president outlined the banks’ $2.9 billion co-financing over 2017-2023. The AU Commission chair described the Meetings as an opportunity to formulate Africa’s position on issues like Bretton Woods reform and climate financing, which the AfDB is mobilizing $25 billion for.
With strong 2023 financial results positioning it for greater impact, the triple-A-rated AfDB demonstrated its central role in transforming Africa’s development landscape.