The Arab Bank for Economic Development in Africa (BADEA) is set to launch a significant initiative aimed at reaching one million small and medium-sized enterprises (SMEs) across Africa.
The strategic advisor to the President of BADEA, Fatima Elsheikh, told a news conference on Thursday, July 18, 2024 in Accra that the initiative was part of three pivotal partnerships BADEA would sign with key stakeholders to foster the continent’s development.
She explained that these critical partnerships will be formalized on Sunday, July 21, in Accra, adding that these agreements represent transformative steps for the next 50 years of the bank.
One of the key partnerships includes a memorandum of understanding (MoU) with the secretary general of AfCFTA, Wamkele Mene, to establish a unified African trade facility.
Additionally, a partnership aimed at enhancing the competitiveness of African exports will be signed, alongside the launch of a joint report with the Africa Capacity Building Foundation (ACBF).
According to the report by Daily Graphic, the Bank will on Sunday call for greater Arab-Africa financial cooperation through the formation of an Arab-Africa Financial Consortium (AAFC). This consortium will unite Arab and African development financial institutions to strengthen economic, financial, and technical cooperation between the two regions.
BADEA, established in 1974, will celebrate its 50th anniversary under the theme “Prosperity through Partnership: 50 Years of Arab-Africa Cooperation for Development” at the event in Accra. This milestone will be marked during the AU Mid-Year Coordination Meeting (MYCM), in collaboration with the Presidency of Ghana and the African Union (AU) Commission.
GIK/APA
BADEA to launch major initiative for SMEs in Africa
