To: 25/09/2009

Location: Pittsburgh, USA

Africa's development has changed dramatically over the last two years. The demand for AfDB's resources is at its peak and the imperative for effectiveness has never been greater, and hence the need for strong development banks.

Expectations are that the G20 decisions to reinforce global governance, transparency and accountability which are being put in place will succeed and that the issues of concern for low income countries will also continue to be addressed.

In this context, development banks have a critical role to play. The crisis is proving that such institutions - at national, regional and global level- are now more needed than ever. This is the time to strengthen development banks. The G20 has already recommended boosting resources for multilateral development banks.

Such a process is indeed underway at the AfDB by way of initial discussions with its stakeholders.

Contacts

Moktar Gaouad