Dr. Fahad Aldossari, Chairman of the Board of Directors of the Arab Bank for Economic Development in Africa (BADEA), has affirmed the commitment of the newly established Arab-Africa Financial Consortium (AAFC) to drive rapid development across Africa over the next 50 years.
Addressing African leaders and financial stakeholders at a breakfast event in Accra on Sunday, July 21, 2024, Dr. Aldossari expressed gratitude to President Akufo-Addo for championing the establishment of AAFC. He emphasized BADEA’s immediate steps to institutionalize the consortium through the establishment of a dedicated secretariat to coordinate its activities until 2074.
President Akufo-Addo highlighted the pivotal role of BADEA over the past five decades in fostering economic cooperation between Africa and the Arab world. He stressed the importance of focusing AAFC efforts on investment in human capital, infrastructure development, trade and investment growth, as well as women and youth empowerment.
Dr. Adesina Akiwumi, President of the African Development Bank Group, underscored five critical areas for AAFC’s focus, including energy development, green mineral resources utilization, support for green infrastructure, food security, and alignment with the Africa Investment Forum initiative.
The Arab Bank for Economic Development in Africa (BADEA) was established in 1975 under the resolution of the 6th Arab Summit Conference, serving as an independent international institution governed by its Establishing Agreement and principles of international law.
The Arab Coordination Group (ACG), comprising key Arab development institutions, collaborates with BADEA to launch AAFC, aiming to enhance financial and technical assistance coordination between Arab and African countries.
