Dr Akinwumi Adesina, president of the African Development Bank Group, has called for a "bold and innovative approach" from Multilateral Development Banks (MDBs) to tackle the evolving challenges facing the world. Speaking at the Islamic Development Bank’s 50th-anniversary symposium, Adesina emphasized the need for collaboration and innovation in addressing global challenges.
Adesina highlighted the African Development Bank's commitment to its transformative High 5 priorities, aligning with the Sustainable Development Goals and the African Union’s Agenda 2063. He stated, "If Africa achieves these High 5s, it will have achieved 90% of all the Sustainable Development Goals and Agenda 2063." Additionally, Adesina highlighted the impact of the Bank's work, stating, "In the last eight years, our work has impacted on 400 million people."
The symposium also saw Dr Muhammad Al Jasser of the Islamic Development Bank unveiling plans to double project approvals and disbursements to $364 billion over the next decade. Al Jasser emphasized the importance of member-driven development and fostering genuine partnerships with member countries.
Cameroon’s Minister of Economy, Planning and Regional Development, Mr. Alamine Ousmane Mey, outlined a vision for MDBs focused on sustainable development financing at scale and support for macro stability and structural reform. He emphasized the importance of aligning development initiatives with the national agendas of member countries for effective and sustainable outcomes.
In response to the discussions, Dr Ousmane Dione, the World Bank’s Vice President for the Middle East and North Africa, advocated for regional collaboration and integration as essential strategies for addressing challenges in the Global South. Dione highlighted the need for tailored solutions that respect the unique socio-economic contexts of different regions to drive sustainable development forward.
The symposium concluded with a consensus on reshaping the future of development finance to ensure MDBs remain catalysts for sustainable progress and prosperity in the Global South. Adesina encapsulated the sentiment, stating, "It’s not about your bank, it’s not about your flag. It’s about how our hands connect to allow us to scale and accelerate the development of people."
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