Finance in Common Summit urges global development finance institutions to harness collective power to address global poverty

The fifth edition of the Finance in Common Summit (FiCS) concluded on Friday in Cape Town, South Africa, with strong calls for global development finance institutions to work together to address poverty and development challenges. South African Finance Minister Enoch Godongwana led the call.

The summit, which was co-sponsored by the African Development Bank and took place alongside the G20 Finance Ministers’ Meeting, was themed “Fostering Infrastructure and Finance for Fair and Sustainable Growth.”

Godongwana described the meeting as an unprecedented gathering of key financial players, saying: “Your determination and commitment will change the world. Your determination and will have an impact on global poverty.”

The minister linked the summit’s goals to South Africa’s development trajectory, highlighting the structural reforms the country had undertaken in the electricity, roads, and port sectors, which have opened new investment opportunities to development partners.

African Development Bank Vice President for Finance and Chief Financial Officer, Hassatou Diop N’Sele—one of several senior officials of the Bank Group at FiCS—represented Bank Group President, Dr. Akinwumi Adesina at a meeting on Wednesday organized by the Council of Europe Development Bank. At the meeting, multilateral development banks reaffirmed a shared commitment to maximize their collective impact.

During the G20 meetings of Finance Ministers and central bank governors, Hassatou Diop N’Sele said, “We call on G20 nations to enhance financial commitments, especially for the 17^th replenishment of the African Development Fund, to simplify processes for accessing climate finance, and to create enabling policies that facilitate sustainable capital flows to Africa.”

The African Development Bank delegation highlighted the progress of Mission 300, an initiative to accelerate access to electricity for 300 million Africans by 2030. The Bank, working with the World Bank and other development finance institutions and private sector partners, has committed $18.2 billion to this effort.

Senior leaders of the Bank stressed the need for urgent action. Nnenna Nwabufo, Bank Group Vice President for Regional Development, Integration and Business Delivery, said: “Africa is not looking for aid, we are looking for partnerships.”.

She added: “The time for pilot projects that deliver incremental progress is over. We need investments that enable our nations to take ownership of their development, fostering resilience, self-sufficiency, and sustainable growth that benefits both Africa and the global economy.”

Solomon Quaynor, the African Development Bank’s Vice President for Private Sector, Infrastructure and Industrialization, called for faster implementation of infrastructure projects. “Africa can no longer sustain infrastructure projects that take seven to 10 years to complete – we must accelerate development to deliver within three years, prioritizing green infrastructure,” he said.

The African continent needs $2.7 trillion through 2030 to meet its climate action goals, but receives only 3.6% of all global climate finance, despite its minimal contribution to global emissions.

The summit achieved several significant breakthroughs in expanding the scope and impact of development financing. Key outcomes included: the endorsement by G20 finance ministers of public development banks’ crucial role in international financial architecture; steps toward setting up frameworks to support cultural industries as valid asset classes; and the formation of a coalition between public development banks and civil society to ensure that development finance serves communities.