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