$4 Trillion is New Annual Financial Target to Save Sustainable Development Goals, says African Development Bank’s Adesina

African Development Bank Group President Dr. Akinwumi A. Adesina has highlighted the urgent need for increased financing to achieve the Sustainable Development Goals (SDGs) by setting a new annual financial target.

Speaking at the Islamic Development Bank’s 50th-anniversary celebrations in Riyadh, Adesina pointed out a significant annual financial shortfall of $4 trillion, which poses a threat to the SDGs' attainment by 2030.

Adesina emphasized the critical role of multilateral development banks in addressing the financial gap through enhanced collaboration and innovative financial solutions. He mentioned, "Africa will need $277 billion per year to address climate change, yet it receives only $30 billion annually." To tackle this, the African Development Bank has set a target to raise $25 billion for climate adaptation by 2025.

The African Development Bank president also stressed the importance of immediate action and innovative funding in core areas such as climate change, food security, energy access, health security, and mobilizing more resources for SDGs.

In a call to global leaders for collective action, Adesina urged developed countries to increase support by allocating at least 0.70% of their gross national income to official development assistance. He concluded with a message of hope, stating, "Let’s give hope to the world by delivering on these goals for a sustainable and equitable future!"

Islamic Development Bank president Dr. Mohammed Al Jasser echoed the sentiment, emphasizing the value of Islamic finance in promoting a more inclusive, equitable, and sustainable global financial system. He highlighted that Islamic finance prioritizes holistic well-being and shared prosperity, presenting a clear path towards bridging the SDGs financing gap.

The joint efforts of African Development Bank and Islamic Development Bank signify a commitment to addressing pressing global challenges and promoting sustainable international development. Through partnerships and innovative financing mechanisms, they aim to maximize the impact on achieving the SDGs and fostering a more prosperous future for all.