African Development Bank (AfDB) Group President, Dr. Akinwumi Adesina ,has emphasized the critical need for significantly increased financing to meet the Sustainable Development Goals (SDGs).

Speaking at the Islamic Development Bank’s (isDB) 50th anniversary celebrations in Riyadh, he highlighted a growing annual financial shortfall of $4 trillion, a gap that threatens to derail efforts to achieve the SDGs by 2030. He said that the current annual gap of $4 trillion, up from $2.5 trillion in 2015, has been propelled by recent global economic pressures and the lingering impacts of Covid-19.

He detailed the critical role of Multilateral Development Banks (MDB) in addressing these needs through increased collaboration and innovative financial solutions. Adesina also spotlighted the AfDB’s strategic High 5 programme as a cornerstone for progress, as underscored by an independent analysis by the United Nations Development Programme.

According to him, the High 5s— Light Up and Power Africa; Feed Africa, Industrialise Africa, Integrate Africa, and Improve the Quality of Life for the People of Africa—are not just ambitious goals but a strategic blueprint for the continent. Achieving these High 5s, he pointed out, would mean accomplishing nearly 90 per cent of the SDGs for Africa.

In this regard, Adesina highlighted five core areas where immediate action and innovative funding are crucial: Climate change, food security, energy access, health security, and mobilising more resources for SDGs. Additionally, Adesina underscored the pivotal role of the private sector in scaling up SDG investments from billions to trillions.

He advocated for harnessing the power of the $128 trillion in global institutional investor assets through more extensive use of guarantees, development of investable projects, and addressing foreign exchange and currency risks