ECA urges stronger support, political will for Africa’s growth
The United Nations Economic Commission for Africa (ECA) has called for stronger global support and political will to address Africa’s growing development financing needs.
This is contained in a statement by the Executive Secretary of ECA, Claver Gatete.
Mr Gatete spoke on the sideline of the ongoing Fourth International Conference on Financing for Development (FfD4) in Seville, Spain.
The executive secretary, who spoke on the topic; “Mobilising Finance for Sustainable Development” said the urgency of the moment cannot be overstated.
He said, “As rising debt levels, intensifying climate shocks and global geopolitical uncertainties continue to choke access to development finance, especially for Africa. The global Sustainable Development Goals (SDG) financing gap stands at four trillion dollars annually. For Africa, it is $1.3 trillion, resources that can enable a just transition, expand healthcare and transform education.’’
In spite of the continent’s vast natural and human resources, Mr Gatete lamented the continued struggle to access affordable long-term capital due to structural constraints and a fragmented global financing system.
The ECA chief outlined five key priority actions the commission was pursuing to bridge the continent’s financing gap and unlock sustainable development:
He cited a debt-for-nature-and-industrialisation swap pilot in the Democratic Republic of Congo, which tied debt relief to investments in value chains such as battery and electric vehicle production.
Mr Gatete said the coalition, for which ECA served as secretariat, aimed to reduce borrowing costs, enhance access to climate finance and strengthen fiscal resilience.
He called for broader participation and deeper international support.
“The African Investment Map, developed by the ECA is designed to de-risk capital flows and attract investment to viable, high-impact projects across the continent.
“Collaboration with development finance institutions (DFIs), philanthropies and investment platforms like convergence is crucial to mobilising commercial capital and de-risking investments. Improving sovereign credit ratings and building local financial resilience is key, even as Africa continues to engage the global community for solidarity. Thankfully, the solutions exist. What is needed is the political will, coordination and partnership to deliver at scale,” he said.
Mr Gatete reaffirmed ECA’s commitment to work with all stakeholders to translate priorities into impact, stressing that sustainable development could no longer wait.
The side event was part of a broader agenda at the FfD4 conference to chart new pathways for financing global development, especially in vulnerable regions.
(NAN)
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