São Paulo – The city of Marrakech, Morocco, is hosting the 9th African Development Forum from October 12th to 16th. The event’s theme will be Innovative Financing for Africa’s Transformation. The goal is to discuss alternative financing schemes to propel the continent into development.
The forum is hosted by the United Nations Economic Commission for Africa (Uneca), and will be held for the first time outside Addis Abbaba, Ethiopia, where the Uneca headquarters are located.
This year, debate will focus on five main topics: domestic resource mobilization; illicit financial flows; private equity; new forms of partnerships; and issues in climate financing.
According to Uneca figures, from 1995 to 2012 Africa’s GDP doubled in real terms, from US$ 656 billion US$ 1.369 trillion, and per capita GDP was up roughly 40%, from US$ 917 to US$ 1,265.
According to the UN agency, however, Africa still requires US$ 200 billion each year to fund sustainable development, promote climate change adaptation and mitigation and enhance economic resilience and competitiveness. Infrastructure needs alone demand approximately US$ 90 billion per year.
“For developing countries to access the funds they require, they must strive to mobilize additional financial resources, including by accessing financial markets, while developed countries must honour the financial commitments they have made in international forums,” said Uneca executive secretary Carlos Lopes, according to a press release.
“The continent must embark on reforms to capture currently unexplored or poorly managed resources. This includes curtailing illicit financial flows and rather transforming those funds into a powerful tool for enhancing domestic resource mobilization, as a way of furthering the continent’s development,” he asserted.
Morocco’s minister of Economy Mohamed Boussaid will be in attendance. The forum is expecting large numbers of dignitaries to attend, including government officials and central bank delegates from African countries.
*Translated by Gabriel Pomerancblum From the Newsroom