African Development Bank Group President to Attend EU-AU Summit

Strategic Insights -

African Development Bank Group President, Dr. Akinwumi A. Adesina, will attend the sixth European Union-African Union (EU-AU) summit in Brussels, where he will call for greater access to COVID-19 vaccines and the reallocation of $100 billion in International Monetary Fund Special Drawing Rights (SDRs) to Africa. The summit, taking place on 17 and 18 February, aims to discuss measures to address climate change, insufficient healthcare in Africa, and security, governance, and prosperity.

Key Takeaways:

  • Dr. Adesina will urge the reallocation of $100 billion in SDRs to Africa to be channelled through the African Development Bank, a prescribed holder of SDRs.
  • 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.
  • Participants of the Brussels summit are expected to jointly issue a declaration expressing consensus on a vision for 2030.
  • Dr. Adesina will raise the matter of establishing an African financial stability mechanism, modeled on the existing European Financial Stabilisation Mechanism.
  • The 16th replenishment of the African Development Fund, the African Development Bank Group's concessional window, is expected to take place later in 2022.
  • Dr. Adesina and members of his delegation will also attend the Investing Together, for a New Alliance between Africa and Europe conference in Paris.

Statistics:

  • $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 the target of $4 billion.
  • 11% of Africans who received any COVID-19 vaccination.
  • 4 or 5 COVID-19 shots secured by citizens of industrialized countries.

Sources:

  • African Development Bank Group
  • European Union-African Union (EU-AU) summit
  • International Monetary Fund
  • World Health Organization
  • World Trade Organization
  • European Investment Bank
  • Agence française de développement
  • French government
  • African Union Commission
  • European Commission
  • ADB President Dr. Akinwumi Adesina