Stakeholders and government representatives attending the consultations for the Fourth International Conference on Financing for Development in Africa in Addis Ababa, Ethiopia have called for an overhaul of the global financial architecture, stressing the need to reform it into one that fairly represents and responds to the needs of Africa.

The two-day conference organized by the Macroeconomics, Finance & Governance Division of the Economic Commission for Africa (ECA) is examining Africa’s financing needs and developing a concerted approach towards FfD4 in Seville, Spain in June 2025.

In his address, Claver Gatete, Executive Secretary, ECA highlighted the need for a unified response to challenges posed by the COVID-19 pandemic, geological tensions and economic downturn which have stretched the continent to the limit.

“Africa now faces a financing gap of up to $1.3 trillion annually to meet its sustainable development goals by 2030,” he said.

“As of 2023, the continent’s external debt exceeded USD 1 trillion with extremely high annual interest payments – in effect, limiting our ability to fund essential development.”

The United States Government’s Securities and Exchange Commission (SEC) and the Ethiopian Capital Market Authority (ECMA) brought together investors and financial experts from across Africa to explore the potential of Ethiopia’s newly-launched capital market. The conference, taking place from November 18 to November 22, aims to foster a deeper understanding of how this emerging market drives opportunities for the Ethiopian people, contributing meaningfully to peace and stability in the region.

The event serves as a platform for sharing best practices in capital market regulation, providing participants direct access to the expertise of the SEC. With decades of experience supporting the development of regulatory frameworks for capital markets worldwide, the SEC leads discussions on capital formation, insider trading, market abuse prevention, and conflict of interest mitigation. The goal is to create a vibrant and sustainable capital market ecosystem that promotes inclusive private sector growth, a priority for the U.S. government.

Representatives from the private sector and financial advisory groups from Kenya, Uganda, South Africa, Nigeria, and 16 other African nations are attending the conference. Including regional countries in the conference is a way to establish relationships and cooperation mechanisms across borders to ensure security of investments made in the capital markets.

The U.S. Embassy in Ethiopia, in partnership with the Ethiopian Academy of Sciences (EAS), marked International Education Week 2024 on November 18 and launched a $522,000 grant to the Ethiopian Academy of Sciences.  To support the transition of Ethiopian public universities to autonomous governance, this initiative will build on the success of the first phase, which focused on Addis Ababa University, and will assist leading public universities develop key framework policy documents.

Ambassador Ervin Massinga highlighted the role of education in fostering global understanding and reaffirmed the U.S. commitment to strengthening educational ties with Ethiopia.   “Education bridges cultural divides, fosters mutual respect, and builds shared commitment to progress,” said Ambassador Massinga, adding, “International students enrich our campuses with diverse perspectives and experiences.”

International Education Week emphasizes the importance of educational exchange, providing opportunities to expand horizons and build international connections.   In 2023, over 3,000 Ethiopian students studied in the U.S., further strengthening the U.S.- Ethiopia educational partnership.

As global efforts to achieve a 30 per cent reduction in methane emissions by 2030 gain traction, the International Fund for Agricultural Development (IFAD) has launched a crucial guidebook to help developing countries incorporate agricultural methane reduction strategies into their climate plans. The guide will be presented during the high-level event “The NDC 3.0 Navigator: A Deeper Dive on Methane Reduction in Food Systems” at COP29 in Baku today.

The Practical Guide for Including Agricultural Methane Emission Reduction Targets in Nationally Determined Contributions helps countries to determine and integrate targets for the reduction of their methane emissions from livestock and rice production into their updated Nationally Determined Contribution (NDC) in 2025. The guidebook provides customizable strategies for methane reduction focusing on feasible and cost-effective actions such as improved water management in rice cultivation and feed additives for livestock, which can enhance productivity and reduce methane.