The Arab Bank for Economic Development in Africa (BADEA) has unveiled plans to increase its funding efforts to support Africa’s development, with a capital base of $20 billion. The announcement was made by BADEA’s President, Dr. Sidi Ould Tah, at a press briefing on Thursday.
The bank will launch the Arab-Africa Financial Consortium (AAFC) on Sunday, a new funding pool aimed at mobilizing additional resources from Arab financial institutions for African development projects.
The AAFC is expected to provide a significant alternative source of funding for African states and private sector entities, to mobilize $50 billion in new investments towards Africa by 2030.
Heads of state and business leaders from the Arab world and Africa are expected to attend the launch ceremony, which is part of BADEA’s 50th-anniversary celebrations.
BADEA has been a key player in African development, funding projects since its inception and recently issuing its first bond in the capital market to raise additional resources.
On his part, Mr Gabby Asare Otchere-Darko, Executive Chairman and founder of APN said the summit, hosted by Ghana, will bring together African heads of state, including Nigeria, Angola, and Congo Brazzaville, as well as the Prime Minister of Egypt, to strengthen economic ties and increase support for the private sector.
To him, the Africa-Arab Cooperation summit aims to build on the existing relationship between the two regions, fostering greater economic integration and development.
The summit is expected to have far-reaching impacts on the economic landscape of both regions, providing a significant boost to Africa’s development trajectory.
The launch of AAFC is seen as a game-changer for resource mobilization in Africa, supporting direct investments and development projects across the continent.
Source: Oyerepafmonline.com/Bernard Dadzie
