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AfDB’s VP Sherif: Economic integration limits dependency on imports
Economic integration creates wealth and limits dependence on imports, it also makes sure that Africa begins to address things like food self-sufficiency. That’s according to Khaled Sherif, the Vice President for Regional Development, Integration and Business at the African Development Bank. While speaking to CNBC Africa's Kenneth Igbomor, Khaled said the Annual Meetings of the AfDB will focus on making sure member countries can build back post-Covid-19, and in a way that the nations can recover from the effect of deteriorating commodity prices.
Thu, 24 Jun 2021 12:15:05 GMT
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AI Generated Summary
- Economic integration is vital for creating wealth and reducing dependency on imports in Africa.
- The African Development Bank's Annual Meetings will focus on aiding member countries in rebuilding their economies post-COVID-19 and recovering from declining commodity prices.
- The development of the pharmaceutical industry and the implementation of the African Continental Free Trade Area (AfCFTA) play key roles in Africa's recovery and future resilience.
The Vice President for Regional Development, Integration and Business at the African Development Bank (AfDB), Khaled Sherif, emphasized the importance of economic integration in creating wealth and reducing dependency on imports during an interview with CNBC Africa. Sherif highlighted that economic integration would enable Africa to tackle issues like food self-sufficiency and address the challenges posed by the COVID-19 pandemic.
The upcoming Annual Meetings of the AfDB will focus on aiding member countries in rebuilding their economies post-COVID-19 and recovering from the impact of declining commodity prices. Sherif pointed out that as economies are reopening and business activities are resuming, it is crucial for countries to bounce back in a way that enables them to overcome the challenges posed by the pandemic.
In response to the economic downturn caused by COVID-19, Sherif stressed the need for financial stimulus to revive both the sovereign and non-sovereign sectors. While developed nations like the United States and the European Union have injected trillions of dollars into their economies, Africa has received a fraction of that amount in the form of domestic resources and foreign assistance. Sherif underscored the necessity for Africa to receive the required push to accelerate its recovery and stated that the continent's resilience needs to be supported with adequate resources.
Furthermore, Sherif discussed the significance of developing the pharmaceutical sector in Africa to ensure preparedness for future pandemics. He emphasized the need for a strong pharmaceutical industry on the continent to produce vaccines domestically, reducing dependence on imports and enhancing the distribution of vaccines across African countries.
Sherif highlighted the AfDB's response to the pandemic, mentioning that the bank had restructured its lending program to provide close to $5 billion in stimulus for the recovery of member countries. Additionally, the AfDB has been supporting the implementation of the African Continental Free Trade Area (AfCFTA) to promote regional trade and economic integration. Sherif emphasized that by strengthening trade links among African nations, the continent could achieve food self-sufficiency and prevent future crises triggered by disruptions in supply chains.
The AfCFTA serves as a platform for wealth creation and increased consumption within Africa. By encouraging countries to trade among themselves and boost demand for goods and services locally, the agreement has the potential to generate employment opportunities and spur economic growth across the continent.
In conclusion, Sherif underscored the crucial role of economic integration and regional cooperation in advancing Africa's post-COVID recovery efforts. By leveraging initiatives like the AfCFTA and prioritizing the development of strategic industries such as pharmaceuticals, Africa can enhance its resilience, reduce dependency on imports, and foster sustainable economic growth in the long term.
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