African Development Bank Group President Calls for Greater Access to Covid-19 Vaccines and SDR Allocation

African Development Bank Group President Dr. Akinwumi A. Adesina will attend the sixth European Union-African Union (EU-AU) summit in Brussels this week, emphasizing the need for greater access to Covid-19 vaccines and the reallocation of $100 billion in International Monetary Fund Special Drawing Rights (SDRs) to Africa. The Bank Group chief will urge the reallocation of these SDRs to be channelled through the African Development Bank, as a prescribed holder of SDRs. Following the recent 35th African Union summit in Addis Ababa, which passed a resolution supporting the African Development Bank's position, Adesina will join African and European heads of state and government to discuss measures to address the urgent challenges of climate change and insufficient healthcare in Africa.

Key Takeaways:

• Dr. Akinwumi A. Adesina, President of the African Development Bank Group, will attend the EU-AU summit to call for greater access to Covid-19 vaccines and the reallocation of $100 billion in SDRs to Africa.
• The African Development Bank Group has committed to spend $3 billion over the next 10 years to support pharmaceutical and vaccine manufacturing capacity on the continent.
• Dr. Adesina decried Covid-19 vaccine inequality, stating that citizens of industrialized countries had secured as many as four or five Covid-19 shots, while no more than 11% of Africans had received any vaccination at all.
• The African Development Bank Group President proposes reforms to make the African Development Fund more effective in driving the development of low-income African countries.
• The EU-AU summit will also feature dialogues on closer cross-continental partnerships to address security, governance, and prosperity, and the 7th EU-Africa Business Forum.

Statistics:

• Four or five Covid-19 shots secured by citizens of industrialized countries while 11% of Africans received any vaccination at all (Source: African Union Assembly).
• $100 billion in International Monetary Fund Special Drawing Rights (SDRs) to be reallocated to Africa.
• $3 billion to be spent by the African Development Bank Group over the next 10 years to support pharmaceutical and vaccine manufacturing capacity on the continent.
• $5.5 billion mobilized for African small and micro enterprises through the end of 2021, exceeding a target of $4 billion (Source: Investing Together, for a New Alliance between Africa and Europe Conference).

Sources:

• African Union Assembly
• European Union-African Union (EU-AU) summit
• Investing Together, for a New Alliance between Africa and Europe Conference
• African Development Bank Group