The
Arab
Bank
for
Economic
Development
in
Africa
(BADEA)
will
launch
a
call
for
greater
Arab
–
African
financial
cooperation
for
development
through
the
formation
of
an
Arab-Africa
Financial
Consortium
(AAFC).
The
consortium
will
be
an
alliance
of
Arab
and
African
Development
Financial
Institutions
with
a
common
vision
for
strengthening
economic,
financial,
and
technical
cooperation
between
Arab
and
African
countries.
Established
in
1974,
BADEA
will
celebrate
its
50th-anniversary
celebrations
under
the
theme:
“Prosperity
through
Partnership:
50
Years
of
Arab-Africa
Cooperation
for
Development”
at
an
event
scheduled
to
take
place
in
Accra,
the
capital
city
of
Ghana,
on
Sunday,
21
July
2024.
To
commemorate
its
50th
anniversary
of
long-standing
engagement
in
building
bridges
of
investment
and
trade
flows
between
the
African
and
Arab
regions,
BADEA
in
partnership
with
the
Presidency
of
Ghana
and
the
African
Union
(AU)
Commission
will
celebrate
its
50th
anniversary
during
the
AU
Mid-Year
Coordination
Meeting
(MYCM)
taking
place
in
Accra,
Ghana.
The
event,
a
leaders’
breakfast,
will
celebrate
BADEA’s
five
decades
in
development
finance
and
also
act
as
the
inaugural
platform
to
explore
the
establishment
and
implementation
mechanisms
for
the
AAFC.
The
session
will
also
focus
on
leveraging
BADEA’s
pivotal
role
as
a
partnership
bridge
–
the
only
Arab
development
institution
that
is
dedicated
exclusively
to
Sub-Saharan
Africa,
envisioning
a
future
where
enhanced
collaboration
drives
further
prosperity
and
unity
between
the
two
regions.
In
the
Arab
world,
BADEA
is
a
member
of
the
Arab
Coordination
Group
(ACG)
–
a
consortium
of
10
Arab
Development
Institutions
that
leverage
their
collective
resources
and
expertise
to
maximise
development
impact
across
the
world.
Most
recently
in
November
2023,
the
ACG
pledged
USD
50Bn
in
new
investments
towards
Africa
by
2030
demonstrating
a
strong
commitment
of
the
Arab
partners
towards
the
African
region
and
its
development
priorities.
On
the
continent,
BADEA
is
also
an
observer
member
of
the
Alliance
of
African
Multilateral
Financial
Institutions
(AAMFI).
AAMFI
embodies
Africa’s
collective
resolve
to
shape
its
financial
future.
BADEA
therefore
sits
at
a
strategic
intersection
between
the
development
interests
of
the
2
regions.
The
establishment
of
the
AAFC
will
significantly
enhance
economic
development
and
cooperation
in
both
the
Arab
and
African
regions
and
serve
as
an
effective
vehicle
for
the
delivery
of
such
ambitious
targets
by
leveraging
the
collective
financial
strength
of
participating
members,
promoting
sustainable
development,
and
addressing
common
challenges
affecting
the
two
regions.
The
establishment
and
operationalisation
of
the
AAFC
will
also
focus
on
key
areas
such
as
institutional
frameworks,
funding
mechanisms,
investment
priorities,
capacity
building,
and
regional
integration.
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