00:03 Distinguished guests,
00:05 ladies,
00:06 And gentlemen,
00:07 good morning.
00:09 Good afternoon
00:10 and good evening
00:12 to you from Washington DC.
00:14 It's a pleasure to welcome you
00:16 to the 5th
00:18 Africa Commit Resilience Investment Summit.
00:21 Last week,
00:23 the World Bank announced
00:24 to the global economy.
00:26 is projected
00:28 to expand
00:29 by 5.6% in 2021,
00:32 which is the strongest post-recession rebound.
00:36 In over 80 years.
00:40 This recovery is uneven even though and
00:43 largely reflects sharp rebounds in some major
00:46 economies amid.
00:49 highly unequal vaccine access.
00:52 Many developing countries are facing
00:55 more subdued prospects for the year.
00:58 These developing countries will need to promote growth enhancing reforms
01:03 and
01:04 steer their economies onto a green
01:08 resilient.
01:09 And inclusive development path because we will be dealing with
01:13 the pandemic's side effect
01:15 for many years to come.
01:18 I always like to quote
01:20 one of my colleagues.
01:22 We can vaccinate ourselves against COVID.
01:25 But we cannot vaccinate ourselves against climate change
01:29 or poverty.
01:32 That is why
01:33 the World Bank is committed
01:36 to supporting
01:37 countries
01:38 in implementing reforms that address both
01:41 the impact of climate change
01:42 and
01:44 The pandemic.
01:46 In January,
01:47 for example,
01:48 the World Bank announced that it will invest
01:51 $5 billion US dollars between 2020 and 2025
01:56 to help
01:57 restore the graded landscape,
01:59 improve agricultural productivity,
02:01 and
02:02 promote livelihoods
02:04 across 11
02:06 African countries of the Sahel,
02:08 Lake Chad,
02:09 and the Horn of Africa.
02:12 Through this commitment,
02:13 the World Bank will implement projects
02:16 that
02:16 aim to promote sustainable development.
02:21 This was in addition to an earlier commitment to deliver
02:25 $22.5 billion US dollars for climate action
02:29 in Africa by 2025.
02:33 Dedicated climate resources such as these
02:36 coupled
02:37 with the US dollar $50 billion
02:40 that is devoted to Africa's COVID-19 response
02:43 have provided opportunities
02:46 for synergies
02:47 between green stimulus and investment response packages
02:50 to contribute to long-term development.
02:53 In Nigeria,
02:54 for example,
02:55 750.
02:57 Million
02:58 dollars
02:59 COVID-19 action recovery and Economic stimulus program for results
03:03 incentivize
03:05 the use of climate smart agricultural technologies
03:08 by targeting existing
03:10 and newly vulnerable and
03:13 poor households,
03:14 farmers and micro
03:16 and small enterprises.
03:19 The World Bank's next generation.
03:21 Africa Climate Business Plan also highlights
03:25 the importance of finding
03:27 and incorporating investment that are climate resilient
03:31 into COVID-19 stimulus packages.
03:34 Addressing
03:36 The region's infrastructure gap by securing green
03:40 and resilient infrastructure
03:42 will allow
03:44 farmers,
03:45 will allow countries to deal with the dual threat
03:48 of global pandemics and climate change.
03:51 And it and it does not lock them into carbon intensive
03:55 development pathways.
03:59 The plan argues
04:01 that green
04:03 and resilient infrastructure can be engines of growth
04:07 and yield multiplier effects.
04:11 In fact,
04:12 the global
04:14 The Commission
04:15 on adaptation recently conducted a study
04:18 that suggests that
04:20 investing
04:21 $1.8 trillion US dollars in climate resilient infrastructure by 2030
04:27 could amount to
04:29 $7 trillion US dollars in net benefits.
04:34 However,
04:35 To do so,
04:36 the public
04:38 and the private sectors will have to work together to deal
04:41 with the underlying causes of vulnerability
04:43 by supporting risk reduction.
04:46 And
04:47 quite literally building resilience
04:49 because the infrastructure financing gap is too large
04:52 for one group to take on
04:54 by themselves.
04:57 This conference
04:59 Ladies and gentlemen,
05:00 it's very timely.
05:03 It brings together a diverse set of stakeholders
05:07 from both crises.
05:10 The government officials,
05:11 private
05:12 sector representatives,
05:14 multilateral development banks,
05:15 and
05:16 And provide them with a platform
05:19 for action oriented discussion on how to devise
05:22 innovative solutions.
05:24 A resilient recovery is within
05:27 reach,
05:28 but changing course is the only way
05:31 to emerge
05:32 stronger from this crisis.
05:35 Let's all work together
05:37 to blunt
05:38 the side effects of the COVID-19 pandemic
05:41 and seek out investment that address poverty,
05:44 zoonotic diseases,
05:46 and climate change as a whole.
05:49 On behalf of the World Bank,
05:50 I wish you all.
05:53 A very fruitful discussion.
05:55 I look forward
05:56 to the outcomes.
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