People attend the 10th Africa Regional Forum on Sustainable Development in Addis Ababa, Ethiopia, on April 23, 2024. (Xinhua/Michael Tewelde)
Africa has been facing multiple crises, including a 183 percent increase in debt since 2010, roughly four times the region's growth rate, said United Nations Deputy Secretary-General Amina Mohammed.
ADDIS ABABA, April 25 (Xinhua) -- Africa has been facing multiple crises, including a 183 percent increase in debt since 2010, roughly four times the region's growth rate, said United Nations Deputy Secretary-General Amina Mohammed.
Speaking at the opening session of the 10th Africa Regional Forum on Sustainable Development on Tuesday in Addis Ababa, the capital of Ethiopia, Mohammed said Africa faces "all-time" high debt servicing that has frozen the continent's economic drive, expenditure, and investment in sustainable development.
She said Africa has passed the midway point in the implementation of the Sustainable Development Goals (SDGs) through the UN 2030 Agenda, and yet progress on most SDGs is off track. It is either moving too slowly or has regressed below the 2015 baseline.
Ugandan Prime Minister Robinah Nabbanja speaks at the 10th Africa Regional Forum on Sustainable Development in Addis Ababa, Ethiopia, on April 23, 2024. (Xinhua/Michael Tewelde)
Noting that the continent is endowed with vast natural resources and a 70 percent youth population, Mohammed said achieving the SDGs by the 2030 deadline requires concrete action by African governments.
Mohammed underscored the need for African countries to consider strategic interventions that leverage the continent's vast natural and renewable resources, which are essential for the transition to green economies.
"Africa is home to 50 percent of the world's solar energy resources, but the continent has attracted only two percent of global investment in renewable energy over the past two decades," she said, highlighting that African countries, however, are making tangible progress in securing access to sustainable energy over the past six years.
She said the forum presented an opportunity for African leaders to advocate for a fairer global financial system and to secure increased investment and debt relief.
Recalling UN Secretary-General Antonio Guterres' call for an SDG stimulus of at least 500 billion U.S. dollars per year to scale up affordable long-term financing for developing countries, Mohammed said Africa's leadership and collective voice will be essential to make the stimulus a reality.
The 10th Africa Regional Forum on Sustainable Development is being held on April 23-25 under the theme of "Reinforcing the 2030 Agenda for Sustainable Development and Agenda 2063 and eradicating poverty in times of multiple crises: The effective delivery of sustainable, resilient and innovative solutions." ■