EVENTS
IN THEIR OWN WORDS
Africa has a huge gap in financing infrastructure and more than US$100 billion is needed on a yearly basis. We need to establish a large coalition of development finance institutions, but also sovereign funds, pension funds and investment funds to bridge the finance gap. But for a long-term solution we also need the private sector as it brings capital as well as efficiency, speed and scale.
Sidi Ould Tah, outgoing President, Arab Bank for Economic
Development in Africa (BADEA) and incoming President, African
Development Bank (AfDB)
OPEC Fund Vice President, Finance Tarek Sherlala opened the panel on “ Financing the Future ” with a keynote speech and called “ to build a system that is faster, smarter and truly fit for the future. ”
The world is at a historic turning point. We are living through a pivotal moment. Countries of the Global South are called upon to play a more assertive role in redefining global balances. South-South cooperation must be one of the pillars of this new global architecture. From this perspective, I see the next 50 years as a unique opportunity for consolidation and innovation.
Development Forum attracted a record turnout of government representatives, heads of institutions, policy makers, development partners and opinion leaders. Offering keynote speeches, discussion panels, opportunities for bilaterals and networking, the event made a significant contribution to the global conversation that will shape the future of development. The President of Mauritania, Mohamed Ould Ghazouani, set out his country’s approach. “We are committed to solutions that promote equitable and sustainable development.” Speaking as the Forum’s guest of honor he emphasized Mauritania’s potential in agriculture, natural resources and as a possible transportation hub due to its geographical location on the west
coast of Africa and added: “Our goal is to attract investment and mobilize resources for a transition that benefits everyone.” A day before the Development Forum a Mauritania Roundtable with the Heads of Institutions of the Arab Coordination Group (ACG) raised US$2 billion in pledges supporting priority sectors to stimulate growth and strengthen development. The financing will be directed to vital sectors, including energy, water, transportation and digital infrastructure to stimulate economic growth. The ACG is the world’s second- largest development finance group with ten members – including the OPEC Fund – united around shared values of South-
Mohamed Ould Ghazouani, President, Mauritania
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Photo: OPEC Fund
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