The African Union (AU) and the Arab Bank for Economic Development in Africa (BADEA) unveiled the Arab-Africa Financial Consortium (AAFC) on Sunday during the ongoing 6th AU Mid-Year Coordination Meeting in Accra, Ghana’s capital.
This initiative aims to enhance financing for Africa’s development.
Ghanaian President Nana Addo Dankwa Akufo-Addo emphasized the significance of the partnership between Africa and the Arab world in advancing development through collaborative efforts.
“We are confronted with diverse challenges today, from economic uncertainties and geopolitical tensions to the impacts of climate change.
Strong partnerships like this enable us to harness our combined strengths to overcome these challenges,” President Akufo-Addo remarked at the launch ceremony.
He commended BADEA for its steadfast support of Africa’s development over the past five decades, highlighting its agility and effectiveness in addressing developmental issues across the continent.
“Let us build upon past achievements and join forces to tackle future challenges. Together, let us strive to forge a more prosperous, inclusive, and sustainable future for all our peoples,” urged President Akufo-Addo.
Fahad Aldossari, Chairman of BADEA’s Board of Directors, affirmed AAFC’s commitment to driving Africa’s rapid development in the coming decades.
“BADEA is fully dedicated to ensuring the success of this consortium, which aims to foster collaboration and coordination between Arab and African financial institutions to maximize resources for the continent,” Aldossari declared.
The Arab-Africa Financial Consortium represents a milestone in regional cooperation.
It is poised to play a pivotal role in advancing Africa’s socio-economic agenda through enhanced financial support and strategic partnerships.
