BADEA's model of development should guide future efforts: President Akufo-Addo

President Akufo-Addo praised BADEA for its significant contributions over the past five decades, emphasizing that its model of development should guide future efforts.

On Sunday, Ghana’s President Nana Akufo-Addo and African Development Bank Group President Dr. Akinwumi Adesina led a distinguished gathering at a ‘Leaders’ Breakfast’ in Accra, marking the 50th anniversary of the Arab Bank for Economic Development in Africa (BADEA). The event, which coincided with the 6th Mid-Year Coordination Meeting of the African Union, also saw the launch of an Arab-Africa Financial Consortium aimed at bolstering economic, financial, and technical cooperation between the two regions.

Since its establishment in 1974, BADEA has played a pivotal role in fostering economic development across Africa, financing over 700 projects in 44 countries with investments exceeding $6 billion. These initiatives have been instrumental in job creation, enhancing living standards, and promoting economic growth throughout the continent.

President Akufo-Addo praised BADEA for its significant contributions over the past five decades, emphasizing that its model of development should guide future efforts. “BADEA has been a beacon of hope and a catalyst for development, symbolizing the enduring bond between Africa and the Arab world,” Akufo-Addo remarked. He called for deeper cooperation, focusing on sustainable solutions in human capital development, renewable energy, and digital infrastructure.

Dr. Adesina underscored the need for strategic collaboration between Africa and the Arab region to pool resources and address critical issues such as food security, energy transition, youth employment, and infrastructure development. “A structured and coordinated partnership is essential for transforming Africa and tackling our shared challenges,” Adesina stated.

The African Development Bank's collaboration with BADEA has led to significant achievements, including co-financing projects with the Islamic Development Bank totaling over $2 billion and working with BADEA and the OPEC Fund for International Development on projects worth $835 million and $742 million, respectively.

Adesina highlighted the positive outcomes of these partnerships, noting that the launch of the Arab-Africa Financial Consortium will pave a new path for economic and development cooperation. He announced that BADEA would participate in the Africa Investment Forum later this year and invited Gulf countries to join the first African-Arab Financial Consortium meeting, scheduled to take place in Rabat, Morocco, from December 4-6, 2024.

Dr. Fahad Aldossari, Chairman of BADEA's Board of Directors, detailed the institution's investments in Africa, including support for 39 airports and various human development projects. He expressed gratitude for the collaborative efforts with partners like the African Development Bank and the World Bank.

The event, themed “BADEA Prosperity Partnership: 50 Years of Africa-Arab Cooperation,” attracted leaders from both regions, including government officials, business leaders, diplomats, and representatives from multilateral and development finance institutions. The gathering highlighted the ongoing commitment to strengthening Africa-Arab ties and advancing shared development goals.