Africa moves to plug $92.8bn development financing gap

African governments have start developing modalities to fill the yearly development financing gap of $92.8bn to implement the 2030 Agenda, as well as actualise the 2063 Agenda and the Paris Agreement.

The Chief of Green and Blue Economy (Section Technology), Economic Commission for Africa, Mr. Nassim Oulmane, said this at the meeting of experts during the 53rd Conference of Ministers, according to a report by the News Agency of Nigeria.

He said the unprecedented Coronavirus Disease and alongside climate change undermined development progress in the continent.

“Climate change is an existential threat,” he said.

Oulmane, who handles the Climate Change and Natural Resources Management Division of ECA, stressed that Africa was not on track to achieve most of the Sustainable Development Goals, given the current pace of implementation.

He stressed the need for member states to strengthen regional and national innovation hubs, advance science, technology and innovation.

This has affected the continent’s ability to finance SDGs and realise Agenda 2063, he added.

According to Oulmane, there is a resolution from the seventh session of Africa Regional Forum on sustainable development to redouble efforts in implementing the Paris Agreement and implementation of SDGs.

He added that it was crucial to urgently strengthen systems to improve collection, availability, accessibility, timeliness and use of quality and disaggregated data and statistics.

Oulmane, however, urged member states to leverage on the African Continental Free Trade Area to support increased production, create jobs, strengthen regional value chains and develop resilience to external shocks and future crises.

Ehime Alex
Ehime Alex
Ehime Alex reports the Capital Market, Energy, and ICT. He is a skilled webmaster and digital media enthusiast.

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