AfDB Annual Meetings: need to attract external financing for green investments in Africa

AfDB Annual Meetings: need to attract external financing for green investments in Africa

Egypt - The 58th Annual Meetings of the African Development Bank (AfDB), held in Sharm el-Sheikh (Egypt), will focus on attracting external financing to make green investments in the African continent, the President of the African Union (AU) Commission, Moussa Faki Mahamat, said Tuesday.

Speaking at the opening of the AfDB's annual meetings, he said member countries must take specific reforms to reduce investment risks while eliminating all phenomena of corruption and misappropriation of public funds and illegal financing in addition to reviewing the inappropriate tax base.

The Chairperson of the AU Commission went on to say that if African countries do not implement these crucial reforms, the business climate will be amorphous and uncompetitive. The meetings are held from May 22 to 26, 2026 under the theme "Mobilising Private Sector Finance for Climate and Green Growth in Africa." They are attended by about 4,000 participants representing 81 countries.

Governor of the Egyptian Central Bank, Hassan Abdullah, for his part, mentioned the significant financing gap that the countries of the continent are facing to fight the effects of climate change.

He said the volume of national and international financial funds allocated for this purpose in Africa does not exceed 12% of the total funding