Luanda:The chairman of the African Development Bank (AfDB), Sidi Ould Tah, has called for a closer alignment between financial institutions and Africa's productive sector to harness the continent's economic potential effectively. This call was made during the opening ceremony of the 6th African Financial Industry Summit (AFIS) in Luanda, focusing on transforming potential into tangible prosperity.
According to Angola Press News Agency, Sidi Ould Tah emphasized that Africa's financial sovereignty and economic integration require the modernization of financing structures and sustained support for the private sector. He highlighted the disconnect between institutional bureaucracy and entrepreneurial realities using the metaphor of 'two clocks,' where financial institutions and entrepreneurs operate on different timelines.
The AfDB chairman advocated for stronger strategic partnerships under the New African Financial Architecture for Development (NAFAD) to create more agile and predictable credit and investment processes suited to micro, small, and medium-sized enterprises. He also discussed a joint initiative with the World Bank Group, 'Mission 300,' aimed at expanding electricity access across Africa, stressing the need for resilient infrastructure to support industrial competitiveness and local raw material processing.
Sidi Ould Tah noted that Africa's demographic dividend could be realized through effective coordination between education, investment, and job creation for youth. He mentioned that achieving financial sovereignty requires discipline among stakeholders, asserting that the challenge lies in converting existing wealth into long-term financial power for Africans.
The summit, held in Angola for the first time, continues until Wednesday, focusing on the theme 'Making Capital Count Accelerating Growth Through African Finance.' This event is organized by the Jeune Afrique Media Group in partnership with the International Finance Corporation (IFC), a World Bank Group member.
