Liberia’s Finance and Development Planning Minister, Samuel D. Tweah Jr. has expressed the need for the Asia Infrastructure and Investment Bank (AIIB) to focus on climate and smart agriculture for Africa’s potential.
According to the minister, this will enhance economic growth and development on the continent. He made the disclosure at a one-day virtual business roundtable on Climate Finance meeting that was held ahead of the COP26, which is scheduled for this weekend in Glasgow, Scotland.
He explained that Africa is working with the bank in developing potentials that would diversify economies on the continent. He also revealed that the post COVID era will bring about challenges, especially in the short-term, due to constraints regarding resources.
Net food producer
The Liberian financial chief noted that the AIIB needs to focus and turn Africa around, in order for Africa to become the net food producer and consumer. According to him, Liberia has a comparative market advantage; adding that the country is optimistic in working with the bank on green forest and climate change.
“The bank can also help Africa develop its carbon market. This is the shape that is needed to move from green form to carbon market, stem and conservation. This is where Liberia has a comparative market advantage and we are looking to work with the bank in that area. In Africa and other developing countries, we don’t have that adaption, so the bank financing facility should help developing countries in Africa to move in that direction,” he explained.
