The African Development Bank (AfDB ) group said it would invest “heavily” in domestic vaccine manufacturing and in the African health system.
AfDB President Dr Akinwumi Adesina said this when the bank’s 2021 annual meetings closed on Friday, according to a statement from the bank on Saturday.
Adesina noted that only 51 percent of public health facilities have basic water and sanitation, while 31 percent of health facilities have electricity.
The AfDB President also highlighted the fact that Africa still imports 60-70% of its pharmaceutical drugs.
“The lives of 1.2 billion people in Africa are in danger.
“We need to give hope to the poor and vulnerable, ensuring that every African, regardless of income level, has access to quality health care, as well as health insurance and health care. social protection.
Akinwunmi further proposed an African Stability Mechanism, to act as a firewall against external shocks and pledged the bank’s commitment to strengthen its support to African countries.
The proposal called for the bank to act as an intermediary for the Special Drawing Rights of the International Monetary Fund (IMF), which it would then lend to African countries.
He said the support would be aimed at tackling the economic and health impacts of the pandemic.
Mr. Kenneth Ofori-Atta, Ghanaian Minister of Finance and Economic Planning, urged the AfDB to play a leading role in the recovery of the continent.
“Our bank, distinct in its role, must be at the center of Africa’s reconstruction, through targeted support to meet Africa’s development challenges and lay the foundations to meet future challenges,” Ofori said. -Atta.
At the same time, green growth was also high on the agenda.
In a panel discussion, Mr. Alok Sharma, MP and President of the Conference of the Parties (COP) 26, said it was vital that developed countries meet a $ 100 billion pledge to fight change climate.
Mr. Patrick Verkooijen, Executive Director of the Global Adaptation Center (GCA), commended the Africa Adaptation Acceleration Program (AAAP).
The AAAP is a joint initiative between GCA and AfDB aimed at mobilizing $ 25 billion to accelerate adaptation to climate change across Africa.
The 2021 Annual Meetings of the AfDB had the 56th Annual Meeting of the Bank Group and the 47th Meeting of Governors of the African Development Fund, the concessional lending body of the Bank.
Meetings included closed-door discussions between finance ministers and central bank governors of the bank’s regional and non-regional member countries, and knowledge events on healthcare, debt sustainability and climate change. .
In attendance were IMF Managing Director Kristalina Georgieva, World Trade Organization Managing Director Ngozi Okonjo-Iweala, and United Nations Deputy Secretary General Amina Mohammed.
Former United Nations Secretary-General Ban Ki-moon, who is president and chairman of the Global Green Growth Institute, was also among the panelists.
The 81 member countries of the bank came together virtually for a second year in a row.
Ghana would host the next Annual Meetings in 2022. (NAN)
