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Addis Ababa shares its success stories, experiences to fellow African cities

Addis Ababa, November 10, 2023 (FBC) – Addis Ababa city administration has shared its development adventures and experiences on revenue collection and financial management system to other African cities at the High-Level African Mayoral Event in Marrakech, Morocco.

The High-level African Mayoral Event is being held under the theme “Leveraging cities and municipalities for national development” on the sidelines of ‘African Investment Forum’, with the presentation of an independent study: “From Millions to Billions: Unlocking Finance for African Cities”.

Speaking at the mayoral event, Mayor of Addis Ababa, Ms. Adanech Abiebie asserted that her administration envisages to advancing Addis Ababa city into a robust and most preferred global city.

It is learned that the African Investment Forum discussed the opportunities and challenges of the overall development of cities, as well as the potential of financial resources for the rapid growth of cities.

At the forum, the African Development Bank has launched a 2.5 Billon USD municipal financing program as a technical grant and lending to cities. In that regard, the Addis Ababa Mayor pitched her city’s development project prepared to benefit from the scheme and secured a positive response.

According to Adanech, Addis Ababa city is undergoing rapid growth and change. She asserted that her city is stable and peaceful. The mayor also invited international and continental institutions leaders and representatives who are participating in the African Investment Forum to invest in Addis Ababa city.

In return, participants of the high-level event were unreservedly mentioning that Addis Ababa is a peaceful and stable city in a fast transition, it was indicated.

The Addis Ababa Mayor was adamant that her city administration will achieve its vision of making Addis Ababa a competitive and preferred city by utilizing all development opportunities and capacities.

In his remarks at the High-level African Mayoral Event, Akinwumi A. Adesina, the President of African Development Bank Group (AfDB), underscored that the forum is the beginning of a new collaboration between financial institutions, mayors, local and national governments.

The Africa Investment Forum is being held from November 8 to 10, 2023 in Morocco, under the theme: “Unlocking Africa’s Value Chains”. It is said to be Africa’s principal investment marketplace, organized by the African Development Bank and seven partners to mobilize strategic project investments by involving the private sector.

The Forum is also a multi-stakeholder, multi-disciplinary platform that advances projects to bankable stages, raises capital, and accelerates deals to financial closure. It envisions channeling capital towards critical sectors to achieve the Sustainable Development Goals, the African Development Bank’s High 5s and the African Union’s Agenda 2063.

Since it was launched in 2018, the Africa Investment Forum has mobilized nearly $143 billion in investment interest. Its centerpiece is the annual three-day Market Days event, which brings together thousands of global investors, heads of development finance institutions, and business and government leaders to advance critical investment transactions to closure. Market Days 2023 will take place in Marrakech, Morocco from 8-10 November under the theme, Unlocking Africa’s value chains.

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