Africa could achieve sustainable growth with $194 billion additional financing: UNGA president
The president of the United Nations General Assembly (UNGA), Philemon Yang, expressed optimism about Africa’s future, stating that the continent could accelerate progress toward sustainable development with an additional $194 billion in annual financing.
Speaking during a joint debate on the New Partnership for Africa’s Development (NEPAD) at the 79th session of UNGA in New York, Yang emphasized the potential of Africa to meet the 2030 Sustainable Development Goals (SDGs) with the right international support and systemic reforms.
Yang noted that Africa’s energy and agricultural resources are vast, but the continent still faces challenges such as electricity shortages and food insecurity.
He also highlighted the ongoing economic growth in sub-Saharan Africa, which is projected to rise from 2.6 percent in 2023 to 3.8 percent by 2025, showcasing the region’s resilience.
Despite a development financing gap of $1.6 trillion, Yang stressed that with better financial management, stronger resource mobilization, and improved use of debt as a development tool, African economies could achieve inclusive and sustainable growth.
He also called for reforms to address systemic barriers to justice and inequality, underlining the importance of peace and political stability for the continent’s future.
He concluded by pledging the UN General Assembly’s continued support for Africa’s development, saying, “Africa must continue to rise” toward a peaceful and prosperous future.
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