…..Marrakech Declaration: Africa calls for fairer global financial architecture
The African continent has advanced reasons for a global financial architecture that is fairer and more conducive to the continent’s development.
The position was canvassed at the high-level ministerial meeting on accelerating the financing of Africa’s emergence, on the sidelines of the WB-IMF Annual Meeting which resulted in the adoption of the “Marrakech Declaration’’.
The forum was organised at the initiative of the Kingdom of Morocco and called for the realisation of the continent’s growth priorities, which respect the sovereignty and territorial integrity of African states and contribute to the development of its populations.
It further called for the strengthening of bilateral and multi-lateral cooperation, to support Africa’s infrastructure deficit, through increased financing, provision and transfer of technical and technological expertise, and capacity building.
Addressing donors, partners and friendly countries, the continent also called for support for the emergence of a dynamic, wealth-creating private sector, capable of supporting the development of structuring infrastructure projects and bridging the infrastructure financing gap.
The Kingdom of Morocco’s Minister of Economy and Finance, Nadia Fettah, was consequently mandated to follow up the implementation of the Declaration, and urged to inaugurate an Inter-African taskforce to share best practices and experiences in the fields of infrastructure development and financing in Africa.
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This move, it was argued would assist in the development of structure and bankable infrastructure projects as well as Africa’s infrastructure projects at roadshows to raise funds from potential investors.
They also agreed to support the establishment and operationalisation of the Inter-African Taskforce as part of an open dialogue aimed at promoting infrastructure development activities in Africa.
Equally, they reaffirmed their commitment to working toward sustainable African co-emergence, where infrastructure investment would play a key role as a development driver, within the framework of joint continental and regional initiatives; to capitalise on international infrastructure initiatives for the benefit of the African continent’s emergence.
In addition, it would intensify their joint efforts to strengthen the business climate by improving structural conditions for investment, mobilising financing to stimulate economic recovery, and creating a favourable environment for entrepreneurship and innovation.
The participating countries also reiterated their commitment to encouraging the establishment of a distinct climate governance model.
This, they said is based on a spirit of partnership and African ownership, and to working to mobilise diverse sources of financing, particularly private, to meet Africa’s infrastructure challenge more effectively and reduce the pressure on their public resources.
They also stressed that, despite their efforts, they still face major challenges in terms of infrastructure, which plays a crucial role in developing their industries and value chains, creating jobs, improving the standard of living of their populations, and contributing to achieving the objectives of Agendas 2030 and 2063.
The Marrakech Declaration asserted that the question of financing remains a crucial issue to be addressed for the development of ambitious infrastructure programmes, capable of bridging the infrastructure gap from which African countries suffer, and that this financing effort cannot be ensured by public resources alone.
The Declaration points out that the lack of active, long-term international solidarity is considerably slowing down the momentum of climate action in Africa, penalising the continent, which until 2020 has received only 12 per cent of the annual flows of climate financing it needs.
The participants also agreed that the progress made by the continent at various levels, in terms of infrastructure, has resulted in the implementation of large-scale projects, that bears witness to the continent’s determination to make good Africa’s infrastructure deficit and achieve sustainable development and solid growth.
Equally, they noted that “the consolidation of intra-continental economic relations, in line with the objectives and commitments of our countries to develop South-South cooperation, is a key condition for the future development of our continent, and requires the establishment of quality infrastructures to support these ambitions”.
The African stakeholders thanked King Mohammed VI for his leadership and commitment to strengthening inter-African cooperation, as well as the government and people of Morocco for hosting the Annual Meetings of the World Bank Group and the International Monetary Fund, and for the warm hospitality extended to all participants.
They also congratulated the Kingdom of Morocco on its designation as host country for the 2030 World Cup, which represents a unique opportunity to catalyse growth and infrastructure modernisation in the Kingdom, and demonstrates confidence in Africa’s ability to meet the greatest challenges.(NAN)