Africa must use all its comparative advantages to mobilize the resources needed to finance its sustainable development ambitions.
The African Development Bank (AfDB) made the call in a statement on Tuesday.
The statement reported the Organisation for Economic Co-operation and Development (OECD) saying that since 2010, Africa’s official development assistance declined to its lowest level of $34 billion in 2022.
It said the continent’s access to international capital markets remained constrained and costly due to investors’ perceptions of high risk.
However, it said the continent was not short of options as it could draw immense potential of natural capital, including fresh water, forests and extensive mineral deposits to attract investment and accelerate economic growth.
“This is what the Annual Meetings of the AfDB scheduled to take place from May 22 to 26 in Sharm El Sheikh, Egypt, intend to demonstrate,’’ it stated.
According to the statement, about 30 per cent of global…