As reported by Sputnik, the African Union (AU) and the Arab Bank for Economic Development in Africa (BADEA), recently unveiled plans to develop a new partnership to help stimulate growth in Africa.
The Arab-Africa Financial Consortium (AAFC), which was established at the 6th AU Mid-Year Coordination Meeting held on the 21st July 2024, in Accra, Ghana, hopes to raise enough financial resources for Africa’s development.
During the program, the president of Ghana: Nana Akufo-Addo, spoke about how pivotal a partnership between Africa and the Arab world is to tackling some of the continent’s most pressing issues.
“We face complex and multifaceted challenges today, from economic uncertainties and geopolitical tensions to the impacts of climate change. We need such strong partnerships to leverage our collective strengths to surmount these challenges,” the Ghanaian President stated.
The president also lauded BADEA for its unwavering commitment to Africa’s development in the last half century, calling for the parties involved to double down on the progress made so far.
“Let us build on the successes of the past and work together to address the challenges of the future. Let us strive to create a more prosperous, inclusive, and sustainable future for all our peoples,” the Ghanaian president urged.
In response, the chairman of BADEA’s Board of Directors, Fahad Aldossari, reiterated the AAFC’s commitment to stimulating rapid growth in Africa for the next 50 years.
“BADEA will spare no effort in ensuring this consortium succeeds in realizing the vision of Arab-African financial institution collaboration and coordination for leveraging resources for the continent,” Aldossari stated.
The Arab Bank for Economic Development in Africa (BADEA) has been significant in fostering economic growth in Africa, since its founding in 1974. The Arab organization has sponsored multiple critical initiatives in important industries such as infrastructure, agriculture, and education.
