World Bank and IMF Annual Meetings: Marrakesh declaration advocates for an equitable and global financial framework for African emergence

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The High-Level Ministerial Meeting on Accelerating the Financing of Africa's Emergence, held on October 12th 2023 on the sidelines of the World Bank-IMF Annual Meetings, culminated in the adoption of the "Marrakech Declaration." The declaration advocates for a more equitable global financial framework that better supports Africa's development. In this declaration, the 48 countries that attended this high-level meeting, convened at the initiative of the Kingdom of Morocco, called for the realization of growth priorities for the continent; priorities that should respect the sovereignty and territorial integrity of African states and contribute to the well-being of their people.

We, African Ministers, gathered in Marrakech on October 12th, 2023, at the invitation of Her Excellency the Minister of Economy and Finance of the Kingdom of Morocco, to participate in the High-Level Ministerial Meeting on “Accelerating the Financing of African Emergence”, held on the sidelines of the Annual Meetings of the World Bank Group and the International Monetary Fund;

Thank His Majesty King Mohammed VI for his leadership and commitment to strengthening inter-African cooperation, as well as the government and people of Morocco for hosting the Annual Meetings of the World Bank Group and the International Monetary Fund, and for the warm hospitality shown to all participants.

Congratulate the Kingdom of Morocco following its announcement as the co-host country of the 2030 FIFA World Cup, which represents a unique opportunity to catalyse growth and the modernization of the Kingdom’s infrastructure, and proves the confidence in Africa's ability to meet the greatest challenges.

Believe that:

  • the progress made by our continent at various levels, particularly in terms of infrastructure, has led to the development of large-scale projects, and reflects our countries' determination to address Africa's infrastructure gap and to achieve sustainable development, solid and inclusive economic growth.
  • the strengthening of intra-continental economic relations, in line with our countries' objectives and commitments to develop South-South Cooperation, is crucial to the future development of our continent, and requires the establishment of quality infrastructure to support these ambitions.

Emphasize that:

  • despite the efforts made, our countries continue to face significant challenges in terms of infrastructure, which plays a key role in developing our industries, value chains, creating jobs, improving the living conditions of our populations, and contributing to the achievement of the goals outlined in the 2030 and 2063 Agendas.
  • the funding issue is a major challenge that needs to be addressed in order to ensure the development of ambitious infrastructure programs capable of closing the infrastructure gap that our countries are facing, and that funding cannot be provided solely through public resources.
  • the lack of active, long-term international solidarity, which is significantly slowing the momentum of climate action in Africa, penalizing the continent which, until 2020, has only received 12% of the annual climate financing flows it needs.

Reaffirm our commitments to

  • work towards a sustainable African co-emergence where investment in infrastructure would be the key driver for development as part of joint continental and regional initiatives.
  • capitalize on international infrastructure initiatives for the benefit of the emergence of the African continent.
  • intensify our collective efforts to enhance the business climate through improving structural conditions for investment, mobilizing financing to stimulate economic recovery, and creating a conducive environment for entrepreneurship and innovation.
  • encourage the implementation of a distinct climate governance model through partnership spirit and African appropriation.
  • work towards the mobilization of diverse sources of funding, particularly private sources, to address Africa's infrastructure challenge more effectively and efficiently and hence reduce the pressure on our public resources.

Call on International Financial Institutions, our partners, and friendly countries to:

  • implement a global financial architecture that is more equitable and more conducive to Africa's development and the achievement of its growth priorities that respects the sovereignty, the territorial integrity of African countries and contributes to the well-being of its populations.
  • reinforce cooperation efforts, both at the bilateral and multilateral levels, in order to assist African countries in addressing their infrastructure gap, particularly by scaling up financing, providing and transferring technical and technological expertise, and through capacity building.
  • support the emergence of a dynamic and wealth-creating private sector able to support the development of structuring infrastructure projects and bridging the infrastructure financing gap

Call on Her Excellency the Minister of Economy and Finance of the Kingdom of Morocco to:

work towards monitoring the implementation of the present Declaration and establishing an inter-African Task Force, that will be made available to the countries on the continent, for the purpose of:

  • sharing best practices and experiences in infrastructure development and financing in Africa;
  • providing support to develop structuring and bankable infrastructure projects;
  • supporting African infrastructure projects during roadshows to raise funds from potential investors.

Call upon the participating African countries to support the establishment and operationalization of the Inter-African Task Force as part of an open dialogue aimed at promoting infrastructure development activities in Africa.

It is worth noting that the present Declaration is not a binding international agreement and that participation in this initiative is voluntary and will take into consideration the directives< and choices of African countries.