Kenya calls on financial institutions to help Africa build resilience

Xinhua
27 May 2023, 02:44 GMT+10

NAIROBI, May 26 (Xinhua) -- Kenya on Friday called on multilateral financial institutions in Africa to help pool and mobilize resources for mitigating the many challenges the continent is facing.

Njuguna Ndung'u, the cabinet secretary of National Treasury and Economic Planning, cited the challenges as geopolitical tensions, the COVID-19 pandemic, food insecurity and climate change.

"The current debate is how the multilateral development banks should provide support in resolving emergencies in a quick, flexible and comprehensive way," Ndung'u said in a statement released in Nairobi, the capital of Kenya.

He said that the African Development Bank (AfDB), for instance, has the capacity to support African nations to achieve their Agenda 2063 goals.

The agenda is Africa's blueprint and master plan to transform the continent into a global powerhouse of the future. Developed by the African Union, it aims to help the institution deliver on its goal for inclusive and sustainable development of the continent.

AfDB, through its programs, is expected to lead in mobilizing development financing that is key for resilience in case of future shocks, Ndung'u said.

Ndung'u added that Kenya will next year host the AfDB annual meeting in Nairobi, the capital of Kenya, after assuming the chairmanship of the board of the institution.

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