The African Development Bank (AfDB) says Africa could mobilise up to $1.43 trillion annually from domestic resources with the right policy and institutional reforms.

Kevin Urama, the AfDB’s chief economist and vice president for economic governance and knowledge management, said this at a virtual press briefing ahead of the 2026 annual meeting on Thursday.

Mr Urama said that improved public finance management, stronger institutions, and reduced resource leakages would enable the continent to unlock funds.

He said that Africa faced significant financing needs, including about $1.3 trillion to achieve the Sustainable Development Goals.

According to him, the continent also requires between $184 billion and $221 billion annually for infrastructure and over $ 200 billion annually to address climate financing gaps.

He described the situation as a paradox, saying that while Africa has substantial resource potential, it struggles to mobilise and deploy capital effectively.

Mr Urama attributed the challenge partly to a fragmented global financial system, marked by geopolitical tensions, shifting alliances and declining external financing flows.

He said official development assistance and foreign direct investment to Africa were becoming increasingly volatile amid global economic pressures.

“This makes it imperative for Africa to strengthen its domestic resource mobilisation and reduce reliance on external financing,” he said.

Mr Urama said that innovative financing models, including blended finance, digital finance and climate finance, would be critical in scaling development funding.

Also speaking, Chioma Onukogu, representing the AfDB secretary general, outlined the significance of the bank’s annual meetings as its highest decision-making forum.

She said the meetings provided an opportunity for governors from 81 member countries to review operations and finances and adopt key resolutions.

Ms Onukogu said the 2026 meetings would be hosted by the Republic of the Congo, following its selection by the Board of Governors.

She said that the meetings would feature a governors’ dialogue to engage with the bank’s president on strategic priorities.

According to her, this year’s theme, “Mobilising Africa’s Development Financing at Scale in a Fragmented World”, reflects current global and regional challenges.

She said the meetings would also include knowledge events focusing on capital mobilisation, financial systems, demographic potential and Africa’s natural resource wealth.

Ms Onukogu said that Africa Day would be marked during the meetings to promote continental unity and showcase development priorities.

She said the event would bring together heads of government, development partners, private-sector players, and other stakeholders.

The outcomes of the meetings are expected to shape policy direction and financing strategies for Africa’s development.

(NAN)