Sunday, 26 Jun 2022

Deputy Finance Minister for International Affairs Underscores the Importance of Intensifying the African Bank’s Efforts to Support the Economic Diversification in Africa

Riyadh-- Deputy Finance Minister for International Affairs, Dr. Ryadh M. Alkhareif, participated in the annual meetings of the African Development Bank, which are being conducted under the title: “Achieving Climate Resilience and a Just Energy Transition for Africa” held between 24 to 27 May 2022 in the Republic of Ghana and with the participation of representatives from the Saudi Fund for Development.

During his participation, Alkhareif stressed the importance of intensifying the African Development Bank's efforts to support the economic diversification of the countries of the African continent, and to promote investment in the human element, especially for youth and women, to maximize the use of natural resources, and to develop uses of technology and digital infrastructure to contribute to opening new markets. He stated that Africa has potentials that make it a key component of the global value chain for food security.

Alkhareif also welcomed the bank’s focus on supporting investments in high-quality infrastructure projects, working on climate adaptation policies that support sustainable growth, and benefiting from the concept of the circular carbon economy launched by the Kingdom during its G20 Presidency.

In light of the high debt risks, Alkhareif stressed the importance of the Bank's support for the G20 Common Framework initiative to address debt vulnerabilities, which was launched during the Kingdom's presidency of the Group of Twenty. Alkhareif indicated that Saudi Arabia is open to consider - in principle – ways to utilize the Special Drawing Rights to support the work of the African Development Bank.

On the sidelines of the meetings, Alkhareif met with the President of Ghana, Nana Akufo-Addo, where he congratulated him on Ghana's success in hosting the annual meetings of the African Development Bank, and emphasized the bilateral relations between the two countries.

A meeting was held with the President of the African Development Bank Group, Dr. Akinwumi Adesina, to discuss ways to enhance cooperation between the Kingdom and the Bank. Several side meetings were also held with a group of African Development Bank governors, during which aspects of cooperation and issues of common interest were discussed.

Source: Saudi Press Agency

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