APA-Dakar (Senegal) This is to “act as a catalyst for sustainable economic development and financial autonomy” on the continent by using “local solutions and resources.”
By Ibrahima Dione
It’s historic. On the sidelines of the 37th Ordinary Session of the Assembly of Heads of State and Government of the African Union (AU) in Addis Ababa, Ethiopia, the Alliance of African Multilateral Financial Institutions (AAMFI) was launched on Wednesday 21 February.
This is “a turning point in Africa’s financial landscape,” according to a press release obtained by APA. The event was marked by “the signing of a declaration by the seven founding members announcing their commitment to the principles and objectives underlying the creation of the Alliance,” it added.
These are the African Finance Corporation (AFC), the African Export-Import Bank (Afreximbank), the Trade and Development Bank Group (TDB Group), the African Reinsurance Corporation (Africa Re), the Insurance for Trade and Investment Development in Africa (ATIDI), the Development Bank (SHAFDB) and ZEP-RE (PTA Reinsurance Co).
Composed of multilateral financial institutions established by treaty by African states and owned and controlled by Africans, AAMFI reflects Africa’s collective determination to shape its financial future.
By joining forces, they demonstrate “a shared commitment to foster collaboration, cooperation and coordination to promote sustainable economic development, continental financial autonomy and lasting economic integration in line with the AU Agenda 2063 and the UN Sustainable Development Goals (SDGs).”
As part of AAMFI’s mandate, the founding members commit to work together to meet Africa’s development finance needs, promote the interests of member states, defend Africa’s interests on global financial issues, develop innovative financial instruments and support sustainable financing strategies.
“Unlocking the continent’s unlimited potential”
Nana Akufo-Addo, the designated head of the African Union’s financial institutions, attended the launch ceremony of AAMFI. In his speech, the Ghanaian President stressed the importance of the Alliance in Africa’s economic transformation: “The establishment of the Alliance of African Multilateral Financial Institutions is a testament to our collective commitment to addressing financial challenges and putting Africa on the path to sustainable development. Together, we will leverage our strengths and resources to unlock the continent’s boundless potential.”
According to the founding members, AAMFI’s mandate goes beyond traditional financial cooperation. It aims to address the specific needs of African states and facilitate their access to key financing mechanisms. AAMFI will also be a strong voice and advocate for Africa’s financial interests and concerns on the global stage. By drawing on the expertise and resources of its member institutions, AAMFI will be able to catalyse growth in various sectors, including infrastructure, trade and investment.
Dr. Monique Nsanzabaganwa, Deputy Chairperson of the African Union Commission, represented Moussa Faki Mahamat, Chairperson of the African Union Commission. “As we stand on the threshold of a new era, facing challenges and opportunities, it is imperative that we take bold and decisive steps to reshape the financial landscape in a way that reflects the aspirations and interests of all nations, especially those on the African continent.”
The establishment of AAMFI will help African Union Member States to meet the financial challenges and strengthen support for the continent’s transformation and integration,” she said.
Professor Benedict O. Oramah, the first Chairperson of the Board of the Alliance of African Multilateral Financial Institutions (AAMFI), said: “African countries have demonstrated their determination to take control of their collective financial destiny and AAMFI will strongly defend Africa’s interests in global financial fora, advocating for fair treatment and representation for the continent.
Through collaborative efforts and unwavering commitment, the Alliance promises to develop unique solutions and joint financial instruments and tools tailored to Africa’s specific development needs, and to pool resources to deploy them effectively.
Joining Nana Akufo-Addo at the launch ceremony and signing of the AAMFI Declaration were William Ruto, President of Kenya; Mohamed Al-Menfi, Chairman of the Presidential Council of the State of Libya; Hakainde Hichicham, President of Zambia; Ntsokoane Samuel Matekane, Prime Minister of Lesotho; and Mbella Mbella Lejeune, Minister of Foreign Affairs of Cameroon.
ID/te/lb/as/APA