African Development Bank (AfDB) says there is a need for International organisations to maximise their resources by engaging governments, the private sector, and other stakeholders to bring about meaningful change.
The bank, in a statement issued on its website, said if this was not done, less-developed economies could become more vulnerable.
It said the bank, during its annual meetings from May 22 to May 26 in Sharm El Sheikh, Egypt, planned to highlight the role that Multilateral Development Banks (MDBs) played.
According to the statement, the role of MDBs in building a new development architecture beyond the financial was critical.
“From a development-financing perspective, a vital issue to be addressed at the Annual Meetings is reducing the concentration of policy instruments and promoting inclusion and better coordination among MDBs.
“The AfDB has built knowledge capital on global development priorities. On the ground, it deals with many bilateral and multilateral development financing mechanisms.
“Therefore, the discussions addressing this issue should emphasise how roles could be shared among the various development actors in Africa,” it said.
According to the statement, another issue to be deliberated is the demand for African countries to be better represented in development financing structures.
It said participants would also be able to share their views on promoting increased transparency and global coordination among creditors to promote orderly sovereign debt restructuring in Africa.
The statement said because of this; the AfDB was open about its desire to lead on the issue.
It said: “To achieve this, the Bank, as a benchmark multilateral development institution, must continue demonstrating its capacity.
“To improve its institutional capabilities, promote transparency and accountability, and enhance its coordination with regional and national institutions to better respond to emerging challenges.
“There is no doubt that reforms are needed to better respond to existing challenges and enable African countries to benefit from funding tailored to their needs.”
It recalled that AfDB’s President, Akinwumi Adesina, and the US candidate for the presidency of the World Bank, Ajay Banga, called for a renewed partnership when the nominee visited AfDB’s headquarters in Abidjan on March 6.
“At that meeting, Banga highlighted the need for the World Bank Group to develop a strong partnership with the AfDB Group to bring about transformative outcomes.
“The two leaders spoke of how the private sector can significantly mobilise critical capital to ensure meaningful economic development.
“This includes not only the private sector’s capital but also its capacity for innovation, so needed to meet the world’s many challenges,” it said.
According to the statement, this aligns with the theme of the AfDB Group’s 2023 Annual Meetings: “Mobilising Private Sector Financing for Climate and Green Growth in Africa.”