NAIROBI, April 30 (Xinhua) -- The African Union (AU) has called for the enactment of a development finance architecture that responds to the continent's needs, including responding to crises such as climate change.
Mohamed Ould Cheikh Ghazouani, chairperson of the AU and president of Mauritania, said in a communique after the World Bank's International Development Association (IDA) 21 Summit in the Kenyan capital of Nairobi on Monday that the existing financial framework has not enabled many African countries to meet their goals.
"We need a financing system that allows African countries to respond to the climate crisis and grow its private sector. We are willing to work with the IDA, the main source of funding for African countries, to achieve this," he said.
Ghazouani said the African leaders at the summit had laid the foundation for their countries' growth, and are therefore waiting to reap the fruits. "We will focus on growing regional markets as well as digitalization. We also need to create a cycle of knowledge and investment in human capital to be able to compete globally."
The Mauritanian president asked development partners and donors of the IDA to contribute to the funding needs so that Africa can overcome its challenges and achieve sustainable development.
The two-day summit, jointly hosted by the Kenyan government and the World Bank Group, will see leaders explore how to maximize the IDA's impact during its current replenishment process, ensuring that it receives the necessary support to effectively spur investment at scale. ■
