Nairobi: In an effort to fulfill commitment and strengthen partnerships at the Africa Forward Summit, Heads of State from France and African countries convened a high-level meeting alongside senior representatives from key global financial institutions at the Kenyatta International Convention Centre (KICC) in Nairobi. The leaders adopted a comprehensive joint structure built around three key pillars: Building a Partnership of Equals, Reforming Development Cooperation and Mobilising More Capital for Africa.
According to Kenya News Agency, the global financial institutions present at the meeting included the International Monetary Fund (IMF), the World Bank Group, the African Development Bank Group (AfDB), the European Bank for Reconstruction and Development (EBRD), the European Investment Bank (EIB), the Green Climate Fund (GCF), the West African Development Bank (BOAD), and other development actors such as the Agence Fran§aise de D©veloppement group (AFD) and the Pact for Prosperity, People and the Planet (4P).
On building a Partnership of Equals, global leaders emphasized the importance of mutual relations, calling for stronger collective resilience. They highlighted the ongoing conflict in the Middle East and its extensive consequences on the global economy, particularly in energy markets, which have adversely affected African economies and compounded food security challenges across the continent.
They affirmed that France and Europe’s trade and economic relations with Africa will be pivotal for collective stability and shared prosperity. The future of Africa’s development, they stressed, lies in a partnership of equals serving mutual interests.
In discussions on development cooperation, leaders reaffirmed the critical role of Official Development Assistance (ODA) but stressed that it should align with nationally determined priorities and development strategies. They advocated for advancing international partnerships based on shared priorities and co-investment.
The leaders noted the specific challenges faced by the poorest and most vulnerable African partners, emphasizing the need for partnerships that integrate these challenges and address external shocks and limited access to capital markets.
Regarding the mobilization of capital for Africa, leaders called for coordinated action at all levels to accelerate sustainable development and economic transformation, emphasizing the fight against climate change. They recognized the need for a renewed commitment to international development cooperation, shifting away from a traditional aid-based paradigm and incorporating private capital mobilization.
In terms of financial strategies, leaders underscored the importance of concessional financing and mobilizing all forms of development finance. They proposed creating an efficient, resilient, and inclusive financial architecture for Africa, one that aligns financial flows with sustainable development goals.
The forum also addressed the need to improve public domestic resource mobilization (DRM) to finance sustainable development, improve the business climate, and build trust. Leaders stressed expanding the tax base, leveraging digitalization, and addressing tax evasion.
Finally, the meeting concluded with a call for advancing the new African financial architecture. Leaders highlighted the role of the IMF in Africa and encouraged the World Bank Group to focus on job creation through infrastructure development and private sector capital mobilization. They also supported ongoing sector-specific partnerships and invited the AfDB to advance the New African Financial Architecture for Development.
