African Development Bank Group President to Push for SDR Reallocation and Vaccine Equality at EU-AU Summit

The President of the African Development Bank Group, Dr. Akinwumi A. Adesina, will attend the sixth European Union-African Union (EU-AU) Summit in Brussels this week. He is expected to call for greater access to Covid-19 vaccines and the reallocation of $100 billion in Special Drawing Rights (SDRs) from the International Monetary Fund to Africa. The Head of the Bank Group will urge that such SDRs be channeled through the African Development Bank, as the prescribed SDR holder.

Fresh from the recent 35th African Union Summit in Addis Ababa, which adopted a resolution supporting the position of the African Development Bank, Adesina will join African and European Heads of State and Government to discuss measures , including a package of investments to address the pressing challenges of climate change. and the lack of health care in Africa.

The EU-AU summit, to be held on February 17-18, will also feature dialogues on closer transcontinental partnerships to address security, governance and prosperity.

Summit speakers will include Akinwumi Adesina, International Monetary Fund Managing Director Kristalina Georgieva, World Trade Organization Director General Ngozi Okonjo-Iweala, World Health Organization Director General Tedros Ghebreyesus and Werner Hoyer, President of the European Investment Bank.

Addressing the African Union Assembly last week, Dr Adesina denounced the inequality of Covid-19 vaccines. He pointed out that citizens of industrialized countries had gotten up to four or five shots of Covid-19, while no more than 11% of Africans had received no vaccinations.

Adesina described healthcare as “a national security issue” for Africa and called for an intercontinental healthcare defense system based on strong infrastructure, national pharmaceutical industries and know-how and capacity. vaccine manufacturing company based in Africa.

The African Development Bank Group has pledged to spend $3 billion over the next 10 years to support manufacturing capacity for pharmaceuticals and vaccines on the continent.

Last month, French President Emmanuel Macron told the European Parliament that he expected the meeting to result in a vaccine deal that would resolve intellectual property and technology barriers to vaccine production in Africa.

Adesina won strong support among African leaders in Addis Ababa and renewed calls for the reallocation of $100 billion in SDRs to African countries through the African Development Bank, a prescribed holder of SDRs with a triple credit rating. -AT.

In Brussels, the head of the Bank should also raise the question of the establishment of an African financial stability mechanism, on the model of the current European financial stabilization mechanism. This will better protect African economies against external shocks such as the Covid-19 pandemic.

Another potential item on the Brussels agenda is the 16th replenishment of the African Development Fund, the concessional window of the African Development Bank Group. A replenishment will take place later in 2022. While praising the achievements of the African Development Fund, Adesina proposed reforms to make it more effective in driving development in low-income African countries.

Participants at the Brussels summit are also expected to jointly issue a statement expressing consensus on a vision for 2030.

Adesina and the members of his delegation will also participate in the Investir ensemble conference, for a new alliance between Africa and Europe in Paris. The forum is organized by the French Development Agency, the French Development Agency, and the French government.

Adesina will join European Development Finance Institutions (EDFI) Chairman Bruno Wenn in stating that joint efforts since last year have succeeded in mobilizing $5.5 billion for African small and micro enterprises so far. by the end of 2021, surpassing the goal of $4 billion.

Also taking place in Brussels this week – from 14 to 17 February – the 7th EU-Africa Business Forum. It is organized by the European Commission, the African Union Commission and European and African professional organisations. This forum brought together political and business leaders from various sectors and countries to discuss partnership and investment opportunities.

Senior executives from the African Development Bank participate in side events at the business forum. First Vice-President Bajabulile Tshabalala will initiate a debate on relations between Europe and Africa. Acting Vice President for Regional Development, Integration and Business Delivery Yacine Fall will discuss supply chains, and Vice President for Power, Energy, Climate and Green Growth , Kevin Kanina Kariuki, will participate in a session on energy.

Click here for more information on the EU-AU Summit, including the programme.

Click here for more information on the EU-Africa Business Forum

Click here for more information on the Investing together conference, for a new alliance between Africa and Europe

Contact:

Olufemi Terry | Communication and External Relations Department | African Development Bank | email: [email protected]

Jennifer C. Burleigh