Fast tracking development financing in Africa: The imperativeness of reforming multilateral development banks

Oyeyemi Kale ()
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Oyeyemi Kale: Afreximbank

Development Finance Agenda, 2024, vol. 9, issue 3, 6-7

Abstract: Despite Africa’s vast resources and latent potential, it faces political, economic, social, and environmental challenges that hinder its growth and sustainable development. Several African countries have tried, with varying degrees of success, to replace the colonial-era commodity-dependent business model with import-substitution or export-oriented industrialization. Since attaining political independence between the 1960s – 1990s, African countries strive to industrialize despite successive national, regional and continental economic development plans that have concentrated investments in semi-industrial hubs coalescing around the leading economies of South Africa, Egypt, Algeria, Nigeria, Ethiopia, Morocco and Kenya.

Date: 2024
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