(4 minutes read)
• President African Development Bank (AfDB) Adesina said that the global recovery from theCOVID-19 pandemic will depend on the world coming together
collectively backed by science, finance and political resolve
• Highlighting a number of disparities that the pandemic has let loose
in Africa, Adesina said the health care divide, a fiscal divide, a
gender divide and jobs and labor divide are creating a number of
challenges
• Africa, he said, imported 70 to 80 of pharmaceuticals
even before the onset of COVID-19, a situation worsened by the
pandemic
Addressing the Victoria Forum 2020, President of the African
Development Bank (AfDB) said that the global recovery from the
COVID-19 pandemic will depend on the world coming together
collectively backed by science, finance and political resolve. He was
addressing a virtual event addressing the long-term socio-economic
impacts of COVID-19 on the theme Bridging Divides in the Wake of a
Global Pandemic. The others who participated in the discussion
included Hakima El Haite, President of Liberal International, a global
federation of liberal and progressive political parties; and Elizabeth
Dowdeswell, Lieutenant Governor of Ontario.
The forum aims to study the pandemic impact on economic, social and
environmental divides within and across countries and communities. It
also seeks solutions to help the world build back better, greener and
an inclusive society.
Highlighting a number of disparities that the pandemic has let loose
in Africa, Adesina said the health care divide, a fiscal divide, a
gender divide and jobs and labor divide are creating a number of
challenges. Africa, he said, imported 70 to 80 of pharmaceuticals
even before the onset of COVID-19, a situation worsened by the
pandemic.
Laying emphasis on the role of AfDB in the changed environment,
Adesina stressed Africa’s potential and said that fully tapping its
natural resources and human capital underpinned the Bank’s strategy.
For this, the continent has to tap its rich natural resources like
oil and gas, minerals, agriculture and biodiversity. It also should
take steps to tap the institutional investors, sovereign wealth
funds, pension funds and all the mutual funds. These sources together
contribute a total of about US$1.8 trillion dollars.
Adesina also highlighted the need to respond to climate change in a
more vigilant manner by all countries. By next year, he said, 40% of
the AfDB’s portfolio will be committed for climate change, and 52% of
that financing is in adaptation because that is the major challenge
Africa is facing now
The Victoria Forum convenes discussions to tackle global challenges
under the leadership of the University of Victoria’s Gustavson School
of Business in Canada. The Forum 2020,which took place on 12-13
November was co-hosted by the Senate of Canada and the University of
Victoria, comprises plenary and roundtable sessions on a range of
pandemic-related themes.
