The Arab Bank for Economic Development in Africa (BADEA) is gearing up to launch a groundbreaking initiative that will directly benefit one million small and medium-sized enterprises (SMEs) across Africa.
This initiative, a result of three crucial partnerships, will be formally announced during upcoming ceremonies in Accra.
Fatima Elsheikh, the strategic advisor to the president of BADEA, has revealed the transformative potential of the upcoming signings scheduled for Sunday, July 21. These signings, part of the bank’s strategic vision for the next 50 years, include a critical partnership with Wamkele Mene, Secretary General of the African Continental Free Trade Area (AfCFTA), and the launch of a joint report with the Africa Capacity Building Foundation (ACBF) to enhance the competitiveness of African exports.
At the event, BADEA will advocate for increased Arab-Africa financial cooperation through the establishment of the Arab-Africa Financial Consortium (AAFC). This consortium, with its focus on fostering regional economic, financial, and technical cooperation, aims to unite Arab and African Development Financial Institutions.
BADEA, celebrating its 50th anniversary under the theme “Prosperity through Partnership: 50 Years of Arab-Africa Cooperation for Development,” will mark this milestone during the AU Mid-Year Coordination Meeting in Accra. This celebration, hosted in collaboration with the Presidency of Ghana and the African Union Commission, is a testament to the enduring role of BADEA in advancing investment and trade relations between Africa and the Arab world. It will serve as a platform to explore the implementation of the AAFC and reflect on BADEA’s enduring role in advancing investment and trade relations between Africa and the Arab world.
The establishment of the AAFC is expected to significantly enhance economic development and cooperation by leveraging collective financial resources and expertise across participating members. It will address common challenges, promote sustainable development, and bolster regional integration between Arab and African nations.
BADEA’s strategic positioning within the Arab Coordination Group (ACG) and its role as an observer member of the Alliance of African Multilateral Financial Institutions (AAMFI) underscores its pivotal role in shaping the financial landscape and fostering collaboration between the two regions. This influence, Elsheikh noted, is not just about BADEA’s status but about the impact it can have on the financial future of the African and Arab regions.
