BADEA boss: Arab-Africa Financial Consortium will be game changer for investment in Africa

Sidi Ould Tah, The president of the Arab Bank for Economic Development in Africa (BADEA), has said the formation of an Arab-Africa Financial Consortium (AAFC) will be a game changer for resource mobilisation and investment in Africa.

Speaking at a news conference on celebrating 50 years of BADEA’s development journey in Africa on Thursday (18 July) in Accra via Zoom, Ould Tah said, “We believe that this will be a game changer in terms of resource mobilisation in the interest of the continent but also in developing direct investment to support the development of the continent”.

“We will be organising this event on 21 July and we intend to use this opportunity to shed light on what has been achieved by the bank.”

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.

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.

Watch the full briefing in the attached video clip below:

About BADEA

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 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—and 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 in 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 through leveraging the collective financial strength of participating members, promoting sustainable development, and addressing common challenges affecting the two regions.

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