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AFRICA WILL FACE $3.3 TRILLION FINANCE DEFICIT IN NEXT DECADE - AU DEVELOPMENT
ARM


@AUC_PAPS / X
The statue of the former Tanzanian president,Mwalimu Julius Kambarage Nyerere, a
leading pan-Africanist and peace builder, was unveiled at the African Union
Summit in front of the Julius Nyerere Political Affairs, Peace & Security
Building at @_AfricanUnion headquarters in Addis Ababa. #AUSummit

17 February 2024
The Reporter (Addis Ababa)
opinion By Nardos Yoseph

Africa must step up its resource mobilization efforts if the continent is to
bridge a USD 3.3 trillion financing deficit over the coming decade, warns the
African Union Development Agency-New Partnership for Africa's Development
(AUDA-NEPAD).

Nardos Bekele, CEO of the AU's continental development arm, made the statement
during a sideline briefing during the ongoing 37th AU summit in Addis Ababa.

The agency estimates Africa will require USD 8.3 trillion in development
financing over the coming ten years.

"Of the total cost, five trillion dollars has already been pledged by nations to
be budgeted in the next ten years. So the gap is 3.3 trillion dollars," said the
CEO.

AUDA-NEPAD, along with the AU Commission, has recently finalized preparing the
continent's development plan for the upcoming decade. It is the second of
several ten-year plans under the AU's overarching Agenda 2063. The first was
finalized in 2023.




- Advertisement -"We designed the second plan together with the AUC. We laid
down the foresight analysis for the costs of the next ten years, based on
scenario buildups and shocks predicted," said Nardos.

In the meantime, AUDA-NEPAD is also crafting a continental development master
plan. It aims at making coordinated investments aligned at national, regional
and continental levels, in order to avoid resource wastage.

"We have mapped all development programs of each nation to implement them as
one. So the fragmentation and uncoordinated development activities are no longer
allowed. The resource leakages must stop. Africa cannot afford to squander
resources," said Nardos.

However, the CEO underscored that rigorous efforts are necessary to meet the USD
3.3 trillion financing gap expected in the coming decade.

"We are developing instruments to mobilize funds through national initiatives,
as well as RECs and continental levels," said Nardos, who has been elected to
lead the continental development arm from Ethiopia. "Africa can master its own
financing needs. We don't have to beg all the time."




The 37th AU summit is expected to take tangible steps in establishing the much
anticipated AU Financial Institutions, which are also expected to put the
continent's disarrayed financial systems into perspective.




The African Union Heads of State and Government have long underscored the need
to establish an African Monetary Union by harmonizing monetary zones and
creating three African Union financial institutions: the African Central Bank
(ACB), the African Monetary Fund (AMF) and the African Investment Bank (AIB).

Additionally, in January 2006, Heads of State and Government of the AU requested
that the African Union Commission conduct a feasibility study on the creation of
a Pan-African Stock Exchange (PASE).




Since the legal instruments to establish the AIB and the AMF were adopted in
2009 and 2014, respectively, none of the financial institutions has reached the
requisite number of ratifications for implementation. In addition, there is
inadequate funding for establishing the AU Financial Institutions, which is
particularly detrimental to the operationalization of the AMF, which is the
first step toward establishing the ACB.

The changing global economic landscape due to the COVID-19 pandemic, climate
change and insecurity has underlined the need to expedite the establishment of
the AUFIs and to revise the legal instruments establishing the AUFIs.

African Multilateral Financial Institutions (AMFIs), which are African-owned and
African-controlled institutions, were created as treaty institutions by African
sovereigns in response to the inadequacies of the global and continental
financial architecture.

These AMFIs, which include the African Export Import Bank (AfreximBank), Trade
and Development Bank (TDB), Africa Finance Corporation (AFC), African
Reinsurance Corporation (Africa Re) and African Trade and Investment Development
Insurance (ATIDI), have stepped up to support African states during recent times
of crisis.

These institutions have broad ownership and participation by African states and
have had a growing impact on financing and investment in the continent since
their establishment. Collectively, AMFIs now hold assets more than USD 53
billion, attracting equity investment of over USD 8.6 billion, primarily from
African countries, to support African growth and resilience.


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AMFIs are among the leading supporters of African integration through trade,
investment, and infrastructure financing to help implement the AfCFTA and Agenda
2063.

To strengthen and support Africa's position in an evolving global financial
architecture, the AMFIs must increase collaboration and coordination. It is to
this end that African Multilateral Financial Institutions have come together to
establish the Alliance of African Multilateral Financial Institutions (AAMFI),
or more simply, the Africa Club.

The Africa Club aims to bring member institutions together to find solutions to
financing challenges and help support Africa's sustainable economic development
and integration objectives, in line with their respective mandates and the
development objectives of their member states. Membership of the Africa Club
will be open to all African Multilateral Financial Institutions that are aligned
with the objectives, purposes, and criteria of the Club.

The 37th summit is slated to discuss the AU financial institutions today on
February 17, 2024.




Read the original article on Reporter.



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Tagged:
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 * East Africa
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 * Ethiopia


Copyright © 2024 The Reporter. All rights reserved. Distributed by AllAfrica
Global Media (allAfrica.com). To contact the copyright holder directly for
corrections — or for permission to republish or make other authorized use of
this material, click here.



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