CORRECTION: Prime Minister Mia Mottley of Barbados to Speak at this year’s Babacar Ndiaye Lecture
H.E. Mia Amor Mottley, QC, Prime Minister of Barbados, is this year’s keynote speaker at the sixth annual Babacar Ndiaye Lecture. The Lecture, which provides the opportunity to reflect on the most important development challenges facing Africa and the developing world, is a flagship event hosted every year by Professor Benedict Oramah, the President of the African Export-Import Bank (Afreximbank) (www.Afreximbank.com); Drawing parallels from the events that led to the creation of Afreximbank, this year’s lecture theme is “The Developing World in a Turbulent Global Financial Architecture”. Afreximbank was established in response to the debt crisis that shook the developing world in the 1980s. This year’s lecture is organised at a time when aggressive interest rate rises in response to surging inflation is undermining the quest for macroeconomic stability and debt sustainability and raising the spectre of another debt crisis in the developing world; The sixth annual Babacar Ndiaye Lecture is the first in-person edition of the event since the beginning of the COVID-19 pandemic and will be held at the Ritz Carlton Hotel, on the sidelines of the World Bank-IMF Annual Meetings, on October 14, 2022, in Washington DC, USA.
After two years of virtual Lectures, the African Export-Import Bank (Afreximbank) will hold its sixth annual Babacar Ndiaye Lecture on 14 October 2022 in Washington, DC, USA. This year’s event will be held under the theme “The Developing World in a Turbulent Global Financial Architecture”.
Speaking during a press briefing this past Friday, 7 October 2022, and leading the coordination of the 2022 edition of the Babacar Ndiaye Lecture, Dr Hippolyte Fofack, Chief Economist and Director of Research at Afreximbank, elaborated on the importance of this year’s theme: “Africa’s total external debt is about $726 billion. That makes it less than a third of Italy's debt estimated at about US$2.8 trillion. And expressed as a percentage of GDP, Africa’s total external debt is 27%, compared to 130% in Europe. Yet African countries are more at a risk of debt distress than their European counterparts largely as a result of large spreads and default-driven borrowing rates assigned to African sovereign and corporate entities.”
He said that this year’s keynote lecturer, Prime Minister of Barbados, H.E. Mia Amor Mottley, QC “is one of the most powerful intellectual voices of reason in the world today. She also happens to be one of the rare politicians who understands the arcane of finance.” Speaking on why he believes that Prime Minister Mottley is the right person to articulate and elaborate on the theme of the Lecture, Dr Fofack indicated that the Prime Minister has been the global Ambassador for fairer financing rules for a more inclusive globalisation process.
More recently this was illustrated in the powerful statement she delivered to the UN General Assembly last month, inviting “leaders to embrace a more inclusive global financial architecture that better serves the majority of today’s UN members states, most of which were not involved in the World War II-era Bretton Woods Agreement that gave rise to the World Bank and International Monetary Fund.”
The government of Barbados recently released what they called the “Bridgetown Initiative (https://bit.ly/3EzvI1U)”. It is expected that Prime Minister Mottley will elaborate on this programme and more during her highly anticipated lecture to inform ongoing efforts to reform the global financial architecture to account for the shifting economic weights and rise of the global south.
Held annually on the sidelines of the World Bank meetings, the Babacar Ndiaye Lectures serve as a nexus for Afreximbank shareholders, partners, and professionals, along with existing and potential clients spanning all industries. The event also welcomes senior government officials and central bankers, leaders and representatives of international organisations and DFIs, researchers and members of the academic community, as well as the continent’s diplomatic corps and Chambers of Commerce.
Speaking on the importance of the upcoming lecture Dr Fofack said, “it's very important to stress that what we are going to be doing next week, is not just a technical or academic exercise, it is an intellectual exercise driven by policy objectives in a strategic area which holds significant implications for economic development for the global south and more generally the world.”
The Babacar Ndiaye Lecture will be streamed live from Washington, DC. To register visit https://bit.ly/3g0Og0S
Distributed by APO Group on behalf of Afreximbank.
Amadou Labba Sall,
African Export-Import Bank (Afreximbank) is a Pan-African multilateral financial institution mandated to finance and promote intra-and extra-African trade. Afreximbank deploys innovative structures to deliver financing solutions that support the transformation of the structure of Africa’s trade, accelerating industrialization and intra-regional trade, thereby boosting economic expansion in Africa. A stalwart supporter of the African Continental Free Trade Agreement (AfCFTA), Afreximbank has launched a Pan-African Payment and Settlement System (PAPSS) that was adopted by the African Union (AU) as the payment and settlement platform to underpin the implementation of the AfCFTA. Afreximbank is working with the AU and the AfCFTA Secretariat to develop an Adjustment Facility to support countries in effectively participating in the AfCFTA. At the end of 2021, the Bank’s total assets and guarantees stood at about US$25 billion, and its shareholder funds amounted to US$4 billion. Afreximbank disbursed more than US$51 billion between 2016 and 2021. The Bank has ratings assigned by GCR (international scale) (A), Moody’s (Baa1), Japan Credit Rating Agency (JCR) (A-) and Fitch (BBB). The Bank is headquartered in Cairo, Egypt.