Morocco spearheads collective efforts in favor of Africa’s financial resilience to global crises

Morocco has hosted within four weeks three key events to leverage resources and spur joint action in favor of Africa’s financial resilience in the face of overlapping crises.

Last month, Morocco hosted a meeting of African Union finance ministers to discuss common challenges and how to maintain steady funding for the continental organization.

The same month, African sovereign funds gathered in Rabat to discuss joint action to promote investments and mobilize resources in favor of the continent’s development.

Now, in Marrakech, a key meeting bringing together African finance ministers and central bank governors from countries members of the IMF and the World Bank have made the case for fair access of African countries to finance.

In the declaration of Marrakech, the participants in the caucus called on the Bretton Woods Institutions to facilitate debt relief for African countries and scale up its financing of public investments in Africa’s energy sector.

The declaration also appealed on the BWIs to “leverage the African Continental Free Trade Area (AfCTA) and other regional trading blocks to help African countries harmonize their policies, legislations, and regulations in support of the development of a secured Digital Single Market in Africa.”

“We request the WBG to facilitate access to green and affordable climate financing and scale up its pipeline of adaptation projects so that Africa – the least world’s polluter – does not end up disproportionately paying for climate change,” the declaration says.