The current Chairperson of the African Union (AU) and President of Angola, João Lourenço, stated on Wednesday, August 20, at a conference in Japan, that “there is no alternative to multilateralism” and expressed concern over the “persistent difficulty” African countries face in accessing international financial markets, reported Lusa.
“We live in a world of absolute interdependence among nations, and for this reason, there is no alternative to multilateralism, within which the major global issues must be discussed,” President Lourenço said in a speech delivered on behalf of the AU at the 9th Tokyo International Conference on African Development (TICAD), taking place this week in Yokohama, Japan.
In his speech, João Lourenço lamented the “resurgence of protectionism and geopolitical tensions, a situation that clearly puts at risk the world order based on international law and the universal norms governing relations between states,” and praised Japan’s stance as an “essential partner” for African countries.
The Angolan leader highlighted that Japan “has a different approach in its financial relationship with Africa,” a continent that “continues to face persistent barriers and limited, difficult access to international financing. This situation is worsened by credit ratings that pose multiple challenges, as many African countries are considered high-risk borrowers, making them largely ineligible for low-cost capital, which is absolutely essential for investment in infrastructure, electrification, industrialization, and technological advancement.”
João Lourenço also emphasized that “it is essential for international credit institutions, development support agencies, and creditor countries to provide mechanisms that facilitate the necessary financing to implement Africa’s development agenda, which will contribute to strengthening and increasing the resilience of the global economy.”
TICAD runs until Friday, August 22, in Yokohama, Japan, under the theme “Strengthening Partnerships for Sustainable Development of the African Continent,” with participants including the President of Mozambique, Daniel Chapo, and the Prime Minister of Cape Verde, Ulisses Correia e Silva.
Source: Diário Económico
