African Multilateral Institutions Pledge Support for AU's Developmental Agenda

Led by Prof. Benedict Oramah, Chairman of AAMFI and President of Afreximbank, the delegation emphasized the importance of AAMFI's establishment during President Al-Ghazouani's tenure as AU Chair.

Today, a delegation of African multilateral institutions, including members of the Alliance for African Multilateral Financial Institutions (AAMFI), visited His Excellency, Mohamed Ould Cheikh Al-Ghazouani, the President of the Islamic Republic of Mauritania and Chairperson of the African Union. The purpose of the visit was to convey their support and commitment to the AU in implementing transformative initiatives to advance Africa’s developmental agenda.

The delegation comprised notable institutions such as the African Export-Import Bank (Afreximbank), Shelter Afrique Development Bank (SHAFDB), the Arab Bank for Economic Development in Africa (BADEA), Africa Risk Capacity (ARC), African Guarantee Fund (AGF), the Africa Capacity Building Foundation (ACBF), African Solidarity Fund (FSA), African Guarantee and Economic Cooperation Fund (FAGACE), and AfroChampions.

Led by Prof. Benedict Oramah, Chairman of AAMFI and President of Afreximbank, the delegation emphasized the importance of AAMFI's establishment during President Al-Ghazouani's tenure as AU Chair. They highlighted AAMFI's role in advancing Agenda 2063 as a platform for financing trade and development in Africa, especially within a strained international financial architecture.

Aligned with the 2024 AU theme, "Educate an African fit for the 21st Century," the meeting explored strategies to build the capacity of Africa's youthful population. The delegation pledged to mobilize USD 2 billion towards vocational training and digital literacy, particularly targeting youth and women.

With a combined balance sheet exceeding USD 75 billion, the institutions affirmed their support for the financial sustainability of the African Union. They also reiterated their commitment to bolstering the AU's role as a member of the G20 and advocating for African priorities on global issues like climate action.

President Al-Ghazouani welcomed the institutions' backing and commitment to Africa, emphasizing the importance of finding "African Solutions to African Problems" (ASAP) for sustainable development. He endorsed President Nana Akufo-Addo's call for African governments to invest a minimum of 30% of their sovereign reserves in African multilateral institutions to strengthen their capacity and mobilize concessional resources.