African Development Bank Meeting Opens

African leaders and financiers gathered Monday for the African Development Bank annual meeting in Congo Republic as the continent confronts reduced overseas aid and an Ebola outbreak across the border. Overseas development aid from the world’s richest nations to poorer countries dropped by nearly a quarter last year to US$174.3 billion.

The US led the cuts, including reduced funding to the concessional lending arm of the AfDB.

Against that backdrop, the bank is pushing to tap Africa’s own financial resources to plug what it estimates is a US$400 billion annual development financing gap. “Africa needs long-term finance for energy, food security, climate adaptation, infrastructure, and jobs for a growing and anxious population,” the AfDB said in a pre-meeting statement.

Ebola may hit attendance at the gathering, officials said. The AfDB is Africa’s largest development lender.