{"id":230,"date":"2026-05-25T20:42:48","date_gmt":"2026-05-25T20:42:48","guid":{"rendered":"https:\/\/reliablemovingcrews.com\/?p=230"},"modified":"2026-05-25T20:42:48","modified_gmt":"2026-05-25T20:42:48","slug":"afdb-meets-under-ebolas-cloud-as-africa-hunts-for-development-cash-at-home","status":"publish","type":"post","link":"https:\/\/reliablemovingcrews.com\/?p=230","title":{"rendered":"AfDB meets under Ebola&#8217;s cloud as Africa hunts for development cash at home"},"content":{"rendered":"<div>\n<div>\n<div>\n<ul>\n<li>Summary<\/li>\n<li>Companies<\/li>\n<\/ul>\n<\/div>\n<div><\/div>\n<\/div>\n<div>NAIROBI, May 25 (Reuters) &#8211; African leaders \u200band financiers gathered for the African Development Bank&#8217;s annual meeting on Monday as the continent faces shrinking \u200caid flows, with this week&#8217;s event in Congo Republic overshadowed by an Ebola outbreak across the border.<\/div>\n<div>Overseas development aid from the world&#8217;s richest nations to poorer countries dropped by nearly a quarter last year to $174.3 billion. The U.S. led the cuts, including reduced funding to the concessional lending \u200barm of the AfDB &#8211; Africa&#8217;s largest development lender.<\/div>\n<div>Against that backdrop, the bank is pushing for a fundamental shift &#8211; \u200btapping Africa&#8217;s own financial resources to plug what it estimates is a $400 billion annual development \u2060financing gap.<\/div>\n<div>&#8220;Africa needs long-term finance for energy, food security, climate adaptation, infrastructure, and jobs for a growing and anxious population,&#8221; \u200bthe AfDB said in a pre-meeting statement. &#8220;That chasm demands audacious solutions.&#8221;<\/div>\n<h2>EBOLA MAY HIT ATTENDANCE<\/h2>\n<div>AfDB President Sidi Ould Tah, who took \u200boffice last September, has made that shift central to his agenda and proposed the New African Financial Architecture for Development (NAFAD) to help Africa &#8220;raise development finance at scale, at speed, and at lower cost, primarily from its own resources.&#8221;<\/div>\n<div>The AfDB meeting is usually a key fixture for \u200bpolicymakers and market participants debating Africa&#8217;s development finance agenda, but an Ebola outbreak in the neighbouring Democratic Republic of Congo could \u200bcurb attendance.<\/div>\n<div>The outbreak has spread to Uganda and caused more than 170 suspected deaths. No cases have been reported in Congo Republic \u200cand the \u2060government said last week there were no restrictions on the AfDB meeting, based on World Health Organization guidelines.<\/div>\n<h2>POOLS OF CASH TO TAP<\/h2>\n<div>Backers of the NAFAD plan, including African governments, say the continent has $4 trillion in institutional capital &#8211; including in pensions, sovereign wealth funds and savings schemes &#8211; which could be tapped to fund development.<\/div>\n<div>At the moment, however, much of it is \u200bfragmented and invested in a disjointed \u200bmanner, they say.<\/div>\n<div>&#8220;There is \u2060capital in Africa, but Africa&#8217;s development projects remain starved of financing,&#8221; said Kenyan President William Ruto at a conference in Nairobi earlier this month.<\/div>\n<div>NAFAD aims at pooling financial resources to \u200bfinance viable projects in areas such as infrastructure, he said.<\/div>\n<div>Critics say the stocks of capital \u200bcited by officials \u2060are already invested, arguing that governments should instead focus on boosting savings rates.<\/div>\n<div>Sub-Saharan Africa&#8217;s savings rate is about 18%, less than half the global average, World Bank data shows, reflecting low incomes and a young population.<\/div>\n<div>&#8220;The size of the continent&#8217;s developmental needs \u2060means that \u200bdomestic savings and other forms of domestic capital will not be \u200bable to do the job,&#8221; said Jacques Nel, head of Africa macro at the Oxford Economics advisory firm.<\/div>\n<div>&#8220;Focus should be on leveraging domestic capital to \u200bcatalyse foreign capital inflows (and) &#8230; Derisking projects by providing some forms of guarantees.&#8221;<\/div>\n<\/div>\n<p>Read more <a href=\"https:\/\/reliablemovingcrews.com\/?p=228\">WHO chief says fast-moving Ebola epidemic is outpacing response efforts<\/a><\/p>\n<p>Read more <a href=\"https:\/\/reliablemovingcrews.com\/?p=226\">Founder of viral Indian Gen Z account alleges crackdown, threats<\/a><\/p>\n<p>Read more <a href=\"https:\/\/reliablemovingcrews.com\/?p=222\">Ebola patients flee in attacks on Congo health facilities, hobbling response<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The bank wants to tap Africa&#8217;s own financial resources to plug what it estimates is a $400 billion annual development \u2060financing gap.<\/p>\n","protected":false},"author":1,"featured_media":229,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[61],"class_list":["post-230","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-africa"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - 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