Angolan President Urges Global Reform for Investment in African Infrastructure
TEHRAN (Tasnim) – Angolan President and African Union Chairperson Joao Lourenco on Monday called for urgent reforms to the global financial system and stronger support for infrastructure in Africa, highlighting the continent's heavy debt burden as a major obstacle to development.
Speaking at the Fourth International Conference on Financing for Development (FfD4) in Seville, Spain, Lourenco said that sovereign debt consumes more resources than health and education combined, severely limiting African nations' ability to fund growth and achieve the Sustainable Development Goals and Agenda 2063.
He said that Africa cannot develop without solid infrastructure, including reliable energy, better roads, and stronger telecom networks, all of which are essential for trade, industry, agriculture, and job creation, Xinhua reported.
Lourenco noted that large-scale infrastructure needs financing models adapted to African realities and called for reforms to ensure vulnerable countries have a stronger voice in global financial decisions.
The FfD4, taking place from Monday to Thursday, brings together heads of state, international organizations, financial institutions, the private sector, civil society, and the United Nations system, and fosters high-level dialogue and stronger international cooperation to close development gaps and promote sustainable growth.
