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African Development Bank Chief’s Views from the Summit for a New Global Financial Pact

Ahead of the talks launch, Akinwumi Adesina aimed at rich countries whose financial commitments to Africa, some dating back to 2009, had not yet been honoured. “Africa alone loses $7 to $15 billion a year because of climate change, and that’s going to rise to about almost $50 billion a year by 2040. So, the world has to meet its commitment, the developed countries, of the $100 billion. I mean, it’s a very small amount of money compared to the scale of the problem, but by not meeting in it, it has a crisis of trust in developing countries. “The summit’s first day included announcements of a pair of deals. French officials said debt-burdened Zambia reached a deal with several creditors including China to restructure $6.3 billion in loans. And Senegal reached a deal with the European Union and western allies to support its efforts to improve its access to energy and increase its share of renewable energy to 40% by 2030.