Marrakech – A High-Level Ministerial Meeting on accelerating the financing of Africa’s emergence was held on Thursday in Marrakech, on the sidelines of the Annual Meetings of the World Bank Group and the International Monetary Fund.
Organized at the initiative of the Kingdom of Morocco, this High-Level Meeting was attended by 48 countries from the African continent, the vast majority represented by ministers.
Speaking at the event, Minister of the Economy and Finance, Nadia Fettah, stressed the need to accelerate African cooperation and integration, which is a strategic choice based on an enlightened Royal vision of development.
The Minister also noted that the vision of pan-African cooperation had been taken to the highest level by His Majesty King Mohammed VI.
In this vein, Fettah noted that the strengthening of economic cooperation has led to an increase in trade and investment flows between the Kingdom and the rest of Africa, where Morocco has become one of the main investors.
She also highlighted the complexity of infrastructure financing, pointing out that “the financing gaps in this sector in Africa are between 68 and 108 billion dollars a year”.
To remedy this problem, the Minister advocated greater involvement of the private sector, calling for greater international cooperation and recourse to innovative financing.
“By using public-private partnerships strategically, governments can free up significant financial resources while meeting society’s essential needs,” she said.
According to her, financing infrastructure in Africa is a challenge, but it’s also an opportunity. “By investing in our infrastructure, we are investing in the future of our Continent, as this will stimulate economic growth, create jobs and improve the quality of life of our citizens,” she insisted.
The High-Level Ministerial Meeting culminated in the adoption of the “Marrakech Declaration”, which calls for a “global financial architecture that is fairer and more conducive to Africa’s development”
In this declaration, the 48 African countries called for the realization of the continent’s growth priorities, which respect the sovereignty and territorial integrity of African states and contribute to the fulfillment of its populations.
They also called for greater bilateral and multilateral cooperation to help African countries bridge the infrastructure gap, notably by increasing funding, providing and transferring technical and technological expertise, and building capacity.
In their Declaration, the African countries thanked His Majesty King Mohammed VI “for His leadership and commitment to strengthening inter-African cooperation, as well as the government and people of Morocco for hosting the Annual Meetings of the World Bank Group and the International Monetary Fund, and for the warm hospitality extended to all participants”.
They also congratulated the Kingdom of Morocco on its designation as host country for the 2030 World Cup, which represents a unique opportunity to catalyze growth and infrastructure modernization in the Kingdom, and which testifies to confidence in Africa’s ability to meet the greatest challenges.
In addition to Morocco, the meeting was attended by Cabo Verde, Democratic Republic of Congo, Tanzania, Niger, Angola, Burkina Faso, Burundi, Cameroon, Central African Republic, Comoros, Congo, Djibouti, Egypt, Ethiopia, Gabon, Ghana, Guinea and Guinea Bissau, Equatorial Guinea, Lesotho, Libya, Madagascar, Malawi, Mauritius, Mauritania, Uganda, Rwanda, Sao Tome and Principe, Senegal, Sierra Leone, Somalia, Sudan, South Sudan, Chad, Togo, Tunisia, Zambia, Zimbabwe, Seychelles, Eswatini, South Africa, Liberia, Benin, Côte d’Ivoire, Mozambique, Gambia and Nigeria