The President of the Republic, Mr. Abdelmadjid Tebboune, stressed that supporting development in Africa is linked to accelerating the pace of continental integration and implementing the African Union’s Agenda 2063, noting that Algeria renews its support for initiatives and mechanisms capable of bridging the financing gap and alleviating the burden of debt on the continent.

President Abdelmadjid Tebboune stated, in a speech delivered on his behalf by the Prime Minister Mr. Nadir Arbaoui, in the Kenyan capital, Nairobi, during the IDA summit to mobilize resources for Africa, that this date constitutes a favorable opportunity to discuss ways to confront the challenges posed by the current international context.

In this context, the President of the Republic stated that the record aggravation of debt levels, high interest rates, and scarcity of financing forced many poor countries to reduce necessary expenditures, including those directed to vital sectors, which undermines the achievement of the 2030 Sustainable Development Goals, and prevents addressing the root causes that fuel conflicts and instability. President Tebboune adds.

The President of the Republic highlighted that Algeria reaffirms the pivotal financing role played by the International Development Association, and also praises its allocation of more than 70 percent of its total commitments to Africa during the twentieth process of re-establishing the institution’s resources.

The head of state also affirmed that Algeria is undertaking an ambitious and qualitative approach in the process of re-establishing resources that contributes to raising the ceiling of concessional resources, taking into account the needs of borrowing countries.

President Tebboune also underscored that supporting development in Africa is linked to accelerating the pace of continental integration, as well as implementing the African Union’s Agenda 2063, which Algeria is working on embodying, especially through an integrated vision for its national projects and the completion of development projects in several neighboring African countries.

The President of the Republic explained that Algeria renews its support for initiatives and mechanisms capable of bridging the financing gap, alleviating the burden of debt, and allocating the necessary resources to priority areas.

The President of the Republic, Mr. Abdelmadjid Tebboune, further underlined that the IDA summit to mobilize resources for Africa is of great importance as it is an essential station for supporting the priorities and aspirations of the African group during the process of re-establishing IDA resources.

Bilel Talamaali / English Version : Med.B.