Africa will need about $194bn in additional financing annually to achieve the 2030 Agenda for Sustainable Development (SDGs), the United Nations General Assembly President Philémon Yang said in New York on Monday.
- •With just five years to the deadline for the 2030 Agenda, Yang highlighted the recent adoption of the Pact of the Future which, among other things, acknowledges the unique challenges faced by vulnerable countries.
- •Debt distress and an “unjust global financial system” have created a development financing gap of $1.6 trillion.
- •Growth in Sub-Saharan Africa is projected to increase from 2.6 percent in 2023 to 3.8 percent by 2025.
“With more effective financial management, stronger domestic resource mobilisation and better use of debate as a development tool, African economies can fortify and sustain their growth,” Yang said in a speech delivered during a debate on African development.
Ambassador Philémon Yang, a Cameroonian national who served as the country’s Prime Minister (2009-2019) is the President of the 79th United Nations General Assembly.