On Sunday, the African Union (AU) and the Arab Bank for Economic Development in Africa (BADEA) announced the formation of the Arab-Africa Financial Consortium (AAFC) to enhance financial support for the continent’s development. The announcement took place during the 6th AU Mid-Year Coordination Meeting in Accra, the capital of Ghana.
Ghanaian President Nana Addo Dankwa Akufo-Addo emphasised the importance of collaboration between Africa and the Arab world, describing it as a crucial step towards achieving development through mutual synergies.
“In today’s world, we face complex and multifaceted challenges, ranging from economic uncertainties and geopolitical tensions to the impacts of climate change. Strong partnerships like this one are essential to leveraging our collective strengths to overcome these challenges,” President Akufo-Addo stated.
He commended BADEA for its consistent support for Africa’s development over the past five decades and praised its ability to adapt and respond to the continent’s evolving needs.
“Let us build on the successes of the past and work together to address the challenges of the future. We must strive to create a more prosperous, inclusive, and sustainable future for all our peoples,” urged the Ghanaian president.
Fahad Aldossari, chairman of BADEA’s Board of Directors, assured that the AAFC would be committed to promoting Africa’s rapid development over the next 50 years.
“BADEA will spare no effort in ensuring this consortium succeeds in realising the vision of Arab-African financial institution collaboration and coordination for leveraging resources for the continent,” Aldossari affirmed.
The establishment of the AAFC marks a significant step in fostering stronger economic ties and development initiatives between Africa and the Arab world, aiming to address the numerous challenges faced by the continent through collaborative efforts.
