AfDB Annual Meetings: Building climate resilience in the Horn of Africa

Djibouti's Minister of Finance, Economy, and Industry, Illyas Moussa Dawaleh, has spoken out about the significant challenges facing his country in a recent interview with CNBC Africa. Highlighting a triple threat scenario of climate change, regional conflict, and the ongoing COVID-19 pandemic, Dawaleh emphasized the urgent need for building climate resilience in the Horn of Africa. In light of these challenges, he stressed the crucial role of private sector investments in driving economic growth and development across the region. During the annual meetings of the African Development Bank (AfDB), which focused on leveraging private sector financing and stimulating investment, Dawaleh underscored the importance of innovative financing architecture and reforms in the international finance sector. He commended the AfDB for its pioneering efforts in addressing key issues facing Africa and expressed support for President Adesina's vision for the future. One of the key outcomes of the dialogue at the AfDB meetings was the agreement to encourage developing partners, bilaterals, and other institutions to ramp up their support for the bank's agenda. Dawaleh praised the collaborative efforts between President Macron of France and President Adesina in making Special Drawing Rights (SDRs) more effective and ensuring that the AfDB can maximize their use in driving sustainable development initiatives. In his role as the finance minister of Djibouti, Dawaleh has been actively engaging with private sector players to explore opportunities for investment in climate change resilience and green growth. Djibouti, along with other countries in the Horn of Africa, is particularly vulnerable to the impacts of climate change. With the region facing challenges related to climate change, conflicts, and the COVID-19 pandemic, Dawaleh stressed the importance of adaptation and resilience-building strategies. The Horn of Africa initiative, spearheaded by Dawaleh and regional finance ministers, aims to foster collaboration and collective action to address the climate crisis. Recent infrastructure projects between Djibouti and neighboring countries, such as Somalia, demonstrate the commitment to building resilient economies that can withstand environmental challenges. Despite Africa contributing minimally to climate change, the continent bears a disproportionate burden of its effects. Dawaleh called on industrialized countries and advanced economies to take greater responsibility and support African nations in their climate resilience efforts. He emphasized the need for urgent action, transparency, and fairness in addressing the global climate crisis. In conclusion, Djibouti's Finance Minister underscored the critical importance of international support and solidarity in tackling the pressing issues of climate change and promoting sustainable development in Africa. As the region continues to grapple with multifaceted challenges, including the adverse impacts of climate change, proactive investments in green growth and climate resilience are essential to secure a prosperous and sustainable future for the Horn of Africa.