Deputy Minister of Finance for International Relations Dr. Ryadh Alkhareif headed the Kingdom's delegation to the 58th Annual Meeting of the Board of Governors of the African Development Bank (AfDB) and the 49th Annual Meeting of the Board of Governors of the African Development Fund held May 22-26, 2023 in Sharm El-Sheikh, Egypt.
The event's theme was “Mobilizing Private Sector Financing for Climate and Green Development in Africa," and included a number of finance ministers and central bank governors representing member states, in addition to representatives from bilateral and multilateral development agencies, academics, non-governmental organizations, civil society, and the private sector.
The meetings shed light on many important issues for the African continent, including access to energy, adaptation to climate change, and how Africa can benefit from investment opportunities to promote greater development while addressing the challenges pertaining to climate change and food insecurity.
During the meetings, Dr. Alkhareif provided an overview about the Kingdom of Saudi Arabia's support for the African countries, both bilaterally and through regional and international organizations such as the African Development Bank. He highlighted the various initiatives launched by the Kingdom in the areas of promoting food security and addressing climate change, such as the Saudi Green Initiative and the Middle East Green Initiative.
Dr. Alkhareif stressed the need for the AfDB to adopt balanced policies to support the African countries facing these challenges, and to strengthen the synergies with the other relevant international organizations such as the International Monetary Fund and the World Bank, in order to optimize the utilization of the resources available.
It is worth highlighting that the AfDB 2023 Annual Meetings are a framework for the Bank Group Governors to exchange their views and share their experiences on key issues, including on how to promote greater private financing for sustainable development projects in Africa.