Sunday 21 May 2023


PRESIDENT Mnangagwa is expected in Egypt today to join over 3 000 delegates who include Heads of State and Government, central bank governors and members of the development community, at the 58th annual meetings of the Board of Governors of the African Development Bank, and the 49th meetings of the Board of Governors of the African Development Fund.

The meetings run from today until Friday in the resort city of Sharm El-Sheikh, an Egyptian city on the southern tip of the Sinai Peninsula, in South Sinai Governorate, on the coastal strip along the Red Sea.

It was a hive of activity yesterday at the Sharm El-Sheikh International Convention Center, the venue for the meetings, as final preparations were being done.

Airports were also busy as delegates were arriving.

The 2023 annual meetings are running under the theme, “Mobilising private sector financing for climate and green growth in Africa”.

President Mnangagwa is expected to join other leaders tomorrow for a High-Level Presidential Dialogue, which will run under the theme, “The changing global financial architecture and the role of multilateral development banks”.

Zimbabwe is expected to take advantage of the AfDB annual meetings to outline its strategy to resolve its debt and arrears to international financiers and creditors.

The AfDB says this year’s meetings provide leaders an opportunity to take stock of Africa’s response to the growing threat of climate change and the impact of the situation in Ukraine on the continent’s food security and untapped natural resources.

Further, the meetings provide a framework for Bank Group Governors to share experiences while galvanising private financing domestically and internationally, and harnessing natural capital to bridge the climate financing gap and promote the transition to green growth in Africa.

Wealthy countries have been promising lots of money to poor countries to tackle the challenges brought about by climate change, but they have not been releasing the funds.

At the United Nations Climate Change Conference or COP27 held here last year, wealthy countries bowed to pressure for them to release funds for losses and damages suffered by poor countries due to climate change. Herald


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