AFRICA
Unlocking opportunities for Africa Africa is home to nine of the 10 most vulnerable countries to climate change, but receives just 3% of global climate finance. With support from the G7, the African Development Bank Group is ready to address this lack of support
million people. According to the United Nations Development Programme, if Africa achieved the High 5s, it would achieve close to 90% of the Sustainable Development Goals and the African Union’s Agenda 2063. The AfDB is responsive to geo-political shocks, mitigating their effects on African economies. When the Russian war in Ukraine erupted and posed great food security risks to Africa, we launched a $1.5 billion emergency food production facility, to support Africa in producing its own food and reducing dependency over a two-year period. As of April 2024, we have approved loans and grants of $1.496 billion for emergency food production in 35 countries. With $323 million of additional support from Japan, the United States, Norway, Germany and the Netherlands,
we have committed over $1.8 billion. So much has been achieved: the initiative has reached 10.5 million farmers and supported the production of 23 million tons of food, valued at $10.79 billion – or 90% of our target market value of $12 billion worth of food after less than two years. Recognising that Africa has nine of the 10 countries most vulnerable to climate change and receives just 3% of global climate finance, the AfDB set out to address this challenge. We now devote 54% of our total approvals to climate finance, surpassing our target of 40%. We have rolled out a $25 billion African Adaptation Acceleration Program to support large-scale adaptation efforts, together with the Global Centre on Adaptation. It is the world’s largest climate adaptation programme.
By Akinwumi A Adesina , president, African Development Bank Group
S ince its establishment 60 years ago, the African Development Bank Group has been a major leader supporting Africa’s economic growth and development. It can rightly take pride in the progress to date. The G7’s Apulia Summit is a crucial opportunity for global leaders to reflect on this progress and focus on the next steps along the road to a sustainable, developed and wealthy Africa. Our High 5 priorities (Light up and power Africa, Feed Africa, Integrate Africa, Industrialise Africa and Improve the quality of life of the people of Africa), launched in 2016, have affected over 400
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G7 ITALY: THE APULIA SUMMIT — 2024
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