Prof Benedict Oramah, Chairperson of the Alliance of African Multilateral Financial Institutions (AAMFI), expressed optimism about the transformative potential of the newly formed “Africa Club,” emphasizing its role in advancing Africa’s economic self-reliance and sustainable development.
At the introductory press conference of AAMFI, also known as the Africa Club, Prof Oramah underscored the alliance’s commitment to leveraging domestic and international resources to advance the continent.
“AAMFI is a critical initiative that will transform the continent by effectively mobilizing our resources towards sustainable development,” Prof Oramah stated. He highlighted the collective strength of the alliance in improving economic conditions and restoring dignity across Africa.
The initiative, launched during the 37th Ordinary Session of the African Union Assembly in Addis Ababa, aims to address the inadequacies of current global and continental financial architectures. It brings together prominent African multilateral financial institutions under a unified framework to enhance collaboration and coordinate development finance efforts.
Albert Muchanga, Commissioner for Trade and Industry of the African Union Commission, emphasized the importance of AAMFI in advocating for Africa on global financial issues and developing innovative finance tools. He urged member institutions to propose evidence-based initiatives for reforming international monetary systems, including increased representation from developing nations in multilateral development banks.
“We see the alliance as a formidable partner in progress, committed to the development of African financial institutions and the continent as a whole,” Muchanga affirmed.
The Africa Club includes institutions such as the Africa Finance Corporation, Afreximbank, Trade and Development Bank Group, and others, collectively deploying over US$62 billion to address critical trade, investment, and development gaps across Africa.
As the alliance moves forward, its objectives include:
- Promoting sustainable finance strategies.
- Coordinating debt management negotiations.
- Supporting Africa’s interests on the global financial stage.
Establishing AAMFI signals Africa’s proactive stance in shaping its financial future, fostering unity among member states, and driving comprehensive development across the continent.
