Addis Ababa — Addis Ababa City has shared its experience of development plan, financial system and revenue collection practice at a high-level forum for mayors held in Marrakech, Morocco.
A high-level forum for mayors titled: "Leveraging Cities and Municipalities for National Development," was held on the sidelines of the Africa Investment Forum 2023 Market Days in Marrakech, Morocco.
Addis Ababa City Mayor Adanech Abiebie who participated at the High-level African Mayoral Event on the sidelines of African Investment Forum 2023 said that we discussed opportunities and challenges in overall urban development.
Also, we have extensively discussed the possible sources of finance as the source of finance is crucial for the rapid growth of cities, she added.
"We shared Addis Ababa's development plan, our financial system and revenue collection experience," she said.
During the occasion, the African Development Bank announced the approval of 2.5 billion USD for urban development.
"We have received a positive response by presenting the basic development projects that will allow us to benefit from the financial support and loans provided by the African Development Bank and partner organizations," she added.
International and continental institutions involved in the program mentioned that Addis Ababa city is undergoing rapid change, it is stable and peaceful, stating that it is feasible to invest in the city.
By coordinating all development opportunities and capabilities, we will achieve our vision of making Addis Ababa a competitive and preferred city, the mayor added.
African Development Bank President Akinwumi Adesina on Thursday pledged greater commitment to the development of cities and stressed the need for increased investment and autonomy for municipalities, the continent's engine for economic growth.
"The Mayoral Forum launches what we hope is the beginning of new collaboration between financial institutions, cities, states and municipalities, to accelerate the growth and development of Africa," Adesina said.
He further said the forum also shows the priority that the partners and investors in the Africa Investment Forum will place on improving investments in sub-national level projects.
The forum, co-organised by the African Development Bank and Big Win Philanthropy brought together mayors and governors of several major African cities including Lagos, Dakar, Addis Ababa, Abidjan, Kigali and Nairobi, and representatives of governments and financial and development institutions.