African leaders and financial officials met Monday in the Republic of Congo for the annual meeting of the African Development Bank, amid a decline in international aid and the Ebola epidemic affecting the neighboring Democratic Republic of Congo.
The meeting is dominated by discussions surrounding financing for the continent's development, as official development assistance from wealthy countries fell by about 25% last year to $174,3 billion, according to Reuters. US reductions have particularly affected concessional loans from the African Development Bank (AfDB), considered essential for African economies.
Faced with this situation, the bank is advocating a new strategy aimed at mobilizing more African capital to finance the continent's needs. The institution estimates that Africa faces an annual development finance gap of nearly $400 billion.
"Africa needs long-term financing for energy, food security, climate adaptation, infrastructure and employment," the AfDB said before the meeting opened.
The discussions are also taking place against the backdrop of the Ebola outbreak in the DRC, which is raising health concerns in the region. More than 900 suspected cases have recently been reported by the World Health Organization.
The AfDB wants to promote a financing model more based on savings and resources of the continent in order to reduce dependence on external aid, while several critics believe that African states must strengthen their internal investment capacities.
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