AfDB Invited to Help Members Improve Revenue Mobilization and Debt Management

<! –

->

<! –

->

The African Development Bank (AfDB) has been invited to badist countries in the areas of domestic resource mobilization and debt management.

This is contained in a 22-point communiqué issued by the Group at the end of its annual meetings in Malabo, Equatorial Guinea.

The African Development Bank has also been urged to focus more on sectoral sector policy and regulatory reforms to create a business-friendly environment.

Below is the full press release issued by the AfDB
We, Governors, representing the African Development Bank member countries and the African Development Fund Participating States (the "Bank Group"), meeting in Malabo, Equatorial Guinea, for the 2019 Annual Meetings from 11th to 14th June 2019 under the chairmanship of His Excellency CESAR AUGUSTO MBA ABOGO, Governor of the Republic of Equatorial Guinea, Minister of Finance and President of the Governing Council:

1. Enjoy deeply the presence of His Excellency Sir. TEODORO OBIANG NGUEMA MBASOGO, President of the Republic of Equatorial Guinea, His Majesty King LETSIE III, King of the Kingdom of Lesotho, His Excellency Sir. FÉLIX ANTOINE TSHILOMBO TSHISEKEDI, President of the Democratic Republic of Congo, The Right Honorable MR. AMBROSE MANDVULO DLAMINI, Prime Minister of the Kingdom of Eswatini, His Excellency MOUSSA FAKI MAHAMAT, Chairman of the Commission of the African Union, the Minister MR. LOUIS PAUL MOTAZE, representing His Excellency Mr. Paul Biya, President of the Republic of Cameroon, Honorable Minister, Mr. Felix Moloua, representing His Excellency Mr. Faustin Archange Touadera, President of the Central African Republic, Honorable Minister MME. CLAUDINE UWERA, representing His Excellency Paul Kagame, President of the Republic of Rwanda, Honorable Minister, MR. ADAMA KONE, representing His Excellency Mr. Albadane Ouattara, President of the Republic of Côte d'Ivoire, Honorable Heads of the Institutions of the Republic of Equatorial Guinea, Excellencies, Ambbadadors and Members of the Diplomatic Corps;

2. Endorse the statements of the President of the Board of Governors, His Excellency CESAR AUGUSTO MBA ABOGO, and the Chairperson of the Bank Group, Mr. AKINWUMI A. ADESINA, to express their gratitude to the Government and people of the Republic of Equatorial Guinea for their welcome these annual meetings and for their hospitality and their immense contribution to the success of these bademblies;

3. Take note of the statement by His Excellency TEODORO OBIANG NGUEMA MBASOGO, President of Equatorial Guinea, welcoming the impact on development operations, particularly in the area of ​​regional integration, and encouraging the Bank to continue in this direction;

4. Take note of the statements made during the Governors' Dialogue, including the confirmation that regional integration remains one of the Bank Group's main comparative advantages. We urge the Bank Group to continue its ongoing initiatives, with a focus on: investments in quality infrastructure; strengthened dialogue and support for the harmonization of policy and regulatory frameworks; and investments in projects with a regional footprint and incorporating peace and security considerations;

5. Reaffirm our strong support to the Bank Group. In this regard, we commend the progress made by the Governors Advisory Committee (GAC) in the discussions for a Seventh General Capital Increase (GCI-VII) for the African Development Bank. We allow the GCC to continue discussions at its final meeting in September on a comprehensive set of institutional, operational and financial measures to strengthen the Bank's capacity. We will meet again at a special session in October 2019 to review the final GCC report on GCI-VII;

6. Thank Canada for providing temporary capital of up to $ 1.1 billion to protect the Bank's AAA rating. We approved this temporary increase in the authorized capital resources of the Bank and the subscription thereof by Canada;

7. Take note of the ongoing negotiations for a fifteenth replenishment of the African Development Fund (ADF-15) and look forward to a quick and positive outcome;

8. Approved Ireland's request to become a participating state in the African Development Fund and a member of the African Development Bank and authorized a special capital increase for this purpose. We encourage the early conclusion of all processes to make these decisions;

9. In line with the theme of annual meetings "Regional Integration for Africa's Prosperity", encourage the Bank Group to continue working with the African Union and the Regional Economic Communities (RECs) to accelerate Integration and the economic and social transformation of Africa, in particular. in view of the entry into force of the agreement establishing the African Continental Free Trade Area, which is likely to stimulate growth, increase competitiveness, improve the climate of business and ensure increased investment and development of regional and continental global value chains;

10. Encourage the Bank Group to focus on its areas of comparative advantage in the global development landscape while exploring areas of synergies and coordination with other development partners in order to enhance the Bank's development. accelerate the implementation of its High 5 priorities and the Sustainable Development Goals in Africa, as well as the objectives of the African Union Agenda 2063;

11. welcomes the independent evaluation of the implementation of the Bank Group's development and implementation model. While acknowledging the progress made in the implementation, we urge the Bank Group to redouble its efforts to strengthen its capacity to manage risks, strengthen the culture of performance, strengthen accountability, and strengthen the Bank's performance. 39, efficiency, and high quality operations that impact the field and provide value for money;

12. Call on the Bank Group to strengthen its support to African countries to strengthen their capacity in domestic resource mobilization, public financial management, debt management and transparency, anti-corruption and anti-corruption. fight against illicit financial flows;

13. Encourage sustained investment in the private sector in Africa. In this regard, we call on the Bank Group to increase its focus on supporting sectoral and regulatory reforms to create a business-friendly environment;

14. Call on the Bank Group to enhance its effectiveness, including by developing regional approaches, and to respond to the unique needs of countries in situations of fragility and conflict;

15. Call for sustained attention to the climate agenda, including the implementation of the Paris Agreement and the continued use of renewable energies to achieve inclusive economic growth; The United States does not join the consensus on this paragraph

16. Call for capacity building to strengthen the implementation of the Bank Group's social and environmental safeguards and to continue to improve the accountability mechanism so that aggrieved parties can express themselves and can seek redress ;

17. Welcome the successful launch of the Africa Investment Forum, the mobilization of approximately $ 38 billion investment commitments in projects in Africa and its emergence in Africa. as a single transaction-based market to attract institutional investment and global financing for Africa. We encourage the Bank Group to continue its efforts to operationalize the Forum's online platform, as well as improve its efficiency and financial sustainability, which could help the Forum to leverage important new investments. for projects in Africa;

18. Call on the Bank Group to intensify its efforts to create more and better jobs, including providing young people with the opportunity to help stem migration from the continent. Accordingly, we call for the rapid implementation of the Bank Group Jobs for Youth initiative;

19. Encourage stronger commitment to gender equality in Bank Group operations to enhance human progress and structural transformation of RMCs. In this regard, we commend the Bank Group for the partnerships it forges to increase women's economic empowerment and access to finance, including through the Affirmative Women's Financing Facility for Africa (AFAWA);

20. Commends the Boards of Directors, management and staff of the Bank Group for the operational and financial results achieved in 2018; and commend the unqualified opinion of the external auditors of the Bank Group on the financial statements ended 31 December 2018 and their confirmation of the effectiveness of the Bank Group's internal controls;

21. Congratulate the newly elected directors and badure them of our full support. We thank the outgoing Directors for the services rendered to the Bank Group and wish them the best of luck in their future endeavors.

22. Expect the next annual meeting scheduled for 25-29 May 2020 in Abidjan, Côte d'Ivoire.