Maimbo calls for fresh thinking as US plans cut to AfDB

Lusaka
ZAMBIA’S candidate for the African Development Bank (AfDB) presidency Samuel Maimbo says there is urgent need for recalibration of the continent’s development financing architecture in response to the decline in United States (US) funding to the institution.
This came after the US government’s proposal to slash US$555 million in funding to AfDB’s concessional financing arm, a move that risks undermining the continent’s development agenda.
Zambia is among other African nations that stand to be significantly affected by the potential cut.
Dr Maimbo said: “The proposed recalibration of US funding signals an urgent imperative for Africa. This is a pivotal moment that demands bold leadership capable of unlocking Africa’s own financial resources from over US$250 billion in pension assets to leveraging the balance sheets of our financial institutions.”
He said the continent must fundamentally reimagine its approach to financing development.