Prime Minister Barre in Egypt for the AfDB annual meeting

GOOBJOOB NEWS | SHAM EL SHEIKH: Federal Government of Somalia’s Prime Minister Hamse Abdi Barre is in Sham El Sheikh, Egypt or the 58^th Annual Meeting of the Board of Governors of the African Development Bank and the 49th Meetings of the Board of Governors of the African Development Fund.

The Prime Minister is participating in the meeting which started on 22^nd and will conclude on the 26^th of May whose theme is “Mobilizing Private Sector Financing for Climate and Green Growth in Africa” provides a framework for Bank Group Governors to share their experiences with galvanizing private financing domestically and internationally and harnessing natural capital to bridge the climate financing gap and promote the transition to green growth in Africa.

According to the organizers, the theme offers an opportunity for the Governors to discuss Africa’s challenges in attracting private sector financing in low-carbon investments and practical policies that governments can deploy to address these bottlenecks.

During the opening of the conference on Monday, African Development Bank Group President Dr. Akinwumi Adesina said lack of adequate financing for tackling climate change in Africa has become dire and is “choking” the continent.

Adesina called out developed nations for not honoring the $100 billion-a-year climate finance pledge they made to developing countries.

“Africa is being short-changed in climate finance. Africa is choking,” he told the journalists.

“Your role as the media is very important to help carry the news – the news of efforts being made, challenges being faced, and the fierce urgency of now in getting much-needed climate finance to Africa,” the Bank chief said.

The Bank Group’s Annual Meetings will allow the Bank’s Board of Governors, African leaders and development partners to explore practical ways of “mobilizing private sector financing for climate and green growth in Africa,” in line with the theme of this year’s meetings.

Adesina said the theme was chosen to draw attention to the urgent need for climate finance.

“Anywhere you look in Africa today, climate change is causing havoc,” Adesina said. “In the Sahel, hotter temperatures are drying up limited water, causing water stress for crops and livestock and worsening food insecurity.”