Seville: Angolan President and African Union Chairperson, Joao Lourenco, on Monday called for urgent reforms to the global financial system and stronger support for infrastructure in Africa, highlighting the continent's heavy debt burden as a major obstacle to development.
According to Ghana News Agency, Lourenco, speaking at the Fourth International Conference on Financing for Development (FfD4) in Seville, Spain, emphasized that sovereign debt consumes more resources than health and education combined, severely limiting African nations' ability to fund growth and achieve the Sustainable Development Goals and Agenda 2063.
He stressed the importance of solid infrastructure, including reliable energy, better roads, and stronger telecom networks, as essential components for trade, industry, agriculture, and job creation in Africa. Lourenco argued that without these critical developments, Africa cannot progress.
Lourenco also pointed out the need for financing models that are adapted to African realities and called for reforms to ensure that vulnerable countries have a more significant voice in global financial decisions. This, he believes, is crucial for addressing the continent's vast infrastructure needs.
The FfD4, which runs from Monday to Thursday, gathers heads of state, international organizations, financial institutions, the private sector, civil society, and the United Nations system. The conference aims to foster high-level dialogue and stronger international cooperation to bridge development gaps and promote sustainable growth.
