Minister of Finance, Laziz Fayed, in Nairobi (Kenya), confirmed that Algeria occupies a prominent position among the shareholders of the African Development Bank, and plays a very active role at the level of this institution in order to achieve its goals.
Fayed, who is participating in his capacity as a representative of the President of the Republic, Mr. Abdelmadjid Tebboune, in the 2024 annual meetings of the African Development Bank, which takes place from May 27 to 31 in Nairobi (Kenya), explained that “Algeria, which is a founding member of the African Development Bank, occupies third place.” “We are among the regional shareholder countries and this rank entitles us to a permanent seat on its Board of Directors (the main decision-making body), which allows us to actively participate in important decisions related to the Bank’s directions and policies.”
The minister stated that representatives of Algeria at the level of the bank’s board of directors participate in discussions and in the preparation of strategic plans for the African Development Bank and ensure that the continent’s development priorities are well taken care of.
He continued, saying that they are “closely following the bank’s project portfolio in order to ensure that they are implemented in accordance with the established objectives and thus ensure their effectiveness and conformity with the goals of sustainable development and the 2063 agenda of the African Union.”
Moreover, the Minister adds, the representatives of Algeria “ensure the strengthening of governance to ensure respect for the principles of transparency and responsibility in all operations of the African Development Bank, and they actively support initiatives aimed at promoting regional integration, economic cooperation and the development of cross-border enterprises.”
Algeria, Mr. Fayed adds, is also present at the level of the Board of Governors of the African Development Bank, the highest body of the bank, where its influence is great in order to achieve its basic goals: promoting the economic and social development of Africa, eliminating poverty, and integrating the African continent into the global economy.
As for Algeria’s vision regarding the need to reconsider international financial engineering, the main topic of the 2024 annual meetings of the African Development Bank, the minister indicated that this engineering is not in the interest of African countries that struggle to obtain soft financing in order to meet development requirements.
The minister added that transforming the international financial architecture, “which is of particular importance to my ministerial department,” is therefore “necessary to ensure a more prosperous and equitable future for Africa.”
He also pointed out that this reform should focus on strengthening alternative sources of financing, such as loans with low interest rates, long debt repayment terms, permanent foreign direct investments and technology transfer.
In this regard, the Minister stressed the need to also focus on more comprehensive governance by giving more importance to developing countries at the level of decision-making bodies in multilateral development banks, as well as greater resistance to external shocks, adding that this reform must be supported by the will Strong political and great international cooperation.
Multilateral development banks, an opportunity for Algerian institutions
In response to a question about Algeria’s accession to the multilateral development banks, Mr. Fayed stressed that the efforts made during recent years in this field will allow the country to open up to the world and benefit from the benefits of globalization, reviving economic growth, attracting investors and facilitating international cooperation.
This merger is also an opportunity to confirm Algeria’s will to diversify its partnerships and benefit from the experience and technical resources provided by these institutions, the minister adds, stressing that each development bank provides special competencies, networks and unique opportunities.
He continued to say, “By strengthening our presence in these institutions, we confirm our commitment to international cooperation, especially in the field of South-South cooperation.”
The Minister also highlighted the importance of Algeria’s presence at the level of multilateral development banks, especially for local institutions, by providing them with multiple opportunities.
He added that, thanks to this presence, Algerian institutions can subscribe for projects funded by multilateral development banks in other countries.
In this regard, he stressed that “those markets, which are often large, provide great opportunities, which helps create a positive dynamic, whereby institutions can obtain international projects and diversify their activities.”
It is worth recalling that Algeria had increased its subscription to the capital of the African Development Bank at the beginning of 2024, and officially joined the European Bank for Reconstruction and Development in 2021, but the process of joining the New Bank for Development is in its final stages.
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