The African Development Bank Group’s board of governors has endorsed president Dr Sidi Ould Tah’s mandate to implement the bank’s Four Cardinal Points strategic vision to accelerate the reform of African’s financial architecture.
The governors called on Dr Ould Tah to create a vision to mobilise large-scale resources for Africa’s development within the framework of the New African Financial Architecture for Development (NAFAD).
They also support institutional reforms undertaken by Ould Tah to make the bank more agile, more flexible, and closer to beneficiaries across Africa.
“The board of governors approved and encouraged the president of the African Development Bank Group, Dr Sidi Ould Tah, to implement his vision, ‘the Four Cardinal Points,’ to strengthen Africa’s capacity for action and influence in an increasingly fragmented world,” says Ludovic Ngatsé, minister of economy, planning, statistics and forecasting of the Republic of the Congo and also chair of the bank group’s boards of governors, closing the annual meetings held last week in Brazzaville.
Dr Ould Tah sresses that it is “bold political decisions that will make the difference on the ground. We have set in motion a dynamic of action, a dynamic of transformation, a dynamic of integration.”
The annual meetings, the bank’s main statutory gatherings, were alo marked by several major announcements.
Angola announced a contribution of €6,5-million to the 17th replenishment of the African Development Fund (ADF). This brings to 25 the number of African countries financing ADF-17, with a total exceeding $190-million. The commitment of African countries to financing ADF-17 marks a turning point toward shared responsibility and reinforces African ownership within the development finance architecture and the economic future of the continent.
The meetings were also marked by more than $3-billion in commitments to the Congo Basin Blue Fund, aimed at supporting 17 African countries in environmental conservation and sustainable development.
Numerous agreements were signed as part of the operationalization of the Bank’s new Four Cardinal Points strategic vision, as well as during a high-level meeting on the Integrated Aviation Transformation Programme in Africa (IATP) and the African Facility for Medicines and Medical Equipment (AMEF).
Japan announced $10-million in funding for the implementation of AMEF.