The creation of the Africa 50 Fund was one of the innovative financial solutions proposed to reduce the infrastructure deficit in Africa. It was one of the major decisions taken during these 48th Annual Meetings of the AfDB, which were held under the High Patronage of His Majesty King Mohammed VI with the theme 'Structural Transformation of Africa'.
The Africa 50 Fund is 'an important idea' that must be implemented immediately, the delegates stated in the final communiqué that concluded the proceedings of these meetings. In his closing speech, the President of the AfDB Group, Donald Kaberuka, endorsed this proposal, stating that the time had come for Africa to 'mobilise internal financial resources to stem this bottleneck that is the lack of infrastructure', noting that the establishment of this Fund 'could transform the infrastructure financing landscape' and remedy the weaknesses that prevent the continent from attracting private capital into infrastructure-related projects. The continent's infrastructure deficit constitutes a major obstacle to consolidating the economic growth recorded in recent years in Africa, he said.
The final communiqué also notes that the structural transformation of Africa has become an imperative necessity and requires a long-term commitment to develop urgent solutions, particularly regarding job creation and the equitable distribution of growth benefits and natural resources. In this context, the participants advocated for the establishment of good governance and sound management of natural resources, the cornerstones of structural transformation, and stressed the need to adopt concerted policies and initiatives allowing for the rational management of natural resources so that the populations can benefit from them. Emphasis was also placed on the importance to be given to sectors deemed strategic for the take-off of African economies through the implementation of innovative strategies aimed at enhancing human capital, strengthening infrastructure, supporting SMEs, and creating jobs for young people. After highlighting the new ten-year strategy of the AfDB (2013-2022), which gives pride of place to inclusive development and accelerating the transition towards sustainable development, the delegates urged the Bank to implement said strategy in all operations at both regional and sectoral levels, as well as in the preparation of budgets and programmes.
Still during the closing session, the Minister of Economy and Finance, Nizar Baraka, noted that these meetings were an opportunity to focus on the most appropriate approach for the realisation of mechanisms capable of promoting the mobilisation of financial resources intended for the achievement of structural transformation and the development of economies in Africa. This major event also allowed for the examination of a number of issues deemed relevant to the continent, he said, noting in this regard that the recommendations resulting from the various meetings on the agenda of these sessions will be taken into account by the Bank in all its actions related to supporting the continent in its efforts for integrated development. It should be noted that the return of the AfDB Group to its statutory headquarters in Abidjan (Côte d'Ivoire) was ratified during these sessions. It was also decided to hold the next Annual Meetings in May 2014 in Rwanda. Finally, it should be noted that more than 2,500 delegates, Heads of State, Ministers of Finance, Central Bank Governors, and representatives of multilateral financing institutions took part in these continental meetings hosted by Marrakech.
