African govt. develop modalities for $92.8bn annual development financing gap

African governments have begun developing modalities to fill the annual development-financing gap of 92.8 billion dollars to implement the 2030 Agenda, achieve Agenda 2063 and actualise the Paris Agreement.

Mr Nassim Oulmane, Chief of Green and Blue Economy Section Technology, Climate Change and Natural Resources Management Division, Economic Commission for Africa (ECA), said this at the meeting of experts of the 53rd Conference of Ministers in Addis Ababa.

Oulmane was presenting the report on the fifth and sixth sessions of the Africa Regional Forum on Sustainable Development (ARFSD).

He noted that Africa was not on track to achieve most of the sustainable development goals given the current pace of implementation.

He reiterated the call on member states to strengthen regional and national innovation hubs, advance science, technology and innovation.

According to the ECA expert, the unprecedented COVID-19 pandemic, alongside climate change effects, has undermined development progress.

He said that it had also affected the continent’s ability to finance sustainable development goals (SDGs) and realisation of Agenda 2063.

“Climate change is an existential threat,” Oulmane said.

He said that the just concluded seventh session of ARFSD, which was held in Brazzaville, Congo, resolved to redouble efforts in implementing the Paris Agreement, effectively and timely implement the SDGs.

He also said the ARFSD resolutions were the best ways to achieve shared prosperity, respond to COVID-19 and tackle climate change.

Furthermore, he said ARFSD affirmed that it was crucial to urgently strengthen systems to improve collection, availability, accessibility, timeliness and use of quality and disaggregated data and statistics.

He noted that the affirmation was aimed at strengthening, monitoring and reporting on the two development agenda in the context of Decade of Action and COVID-19.

Oulmane also urged African member states to leverage the agreement establishing the AfCFTA to support increased production, create jobs, strengthen regional value chains and develop resilience to external shocks and future crises.