BADEA’s “Arab–Africa Financial Consortium” to Propel Continent’s Rapid Development
The chairman of the Board of Directors of the Arab Bank for Economic Development in Africa (BADEA), Dr Fahad Aldossari, has assured African leaders, heads of the continent’s financial institutions, and business leaders that the newly established Arab-Africa Financial Consortium (AAFC) will ensure rapid development in Africa over the next 50 years. This announcement was made at the AAFC launch and BADEA’s 50th-anniversary celebration at the Kempinski Hotel in Accra on 21 July 2024.
BADEA’s “Arab–Africa Financial Consortium” to Propel Continent’s Rapid Development
Accra, Ghana – Dr. Fahad Aldossari, Chairman of the Arab Bank for Economic Development in Africa (BADEA), assured African leaders and financial institutions that the newly established Arab-Africa Financial Consortium (AAFC) is committed to promoting Africa’s rapid development over the next 50 years. This declaration was made during the AAFC launch and BADEA’s 50th anniversary at the Kempinski Hotel, Accra, on Sunday, 21 July 2024.
Dr. Aldossari emphasized the role of Ghana’s President Akufo-Addo, an African Union champion of financial institutions, in the consortium’s creation. He stated that BADEA would take immediate steps to institutionalize the AAFC by establishing a secretariat to coordinate its activities until 2074.
President Akufo-Addo highlighted BADEA’s critical role in Africa’s development over the past 50 years, expressing confidence in the AAFC’s potential to enhance Arab-Africa relations further. He urged the consortium to focus on investments in human capital, infrastructure, trade, and women and youth empowerment.
Dr. Adesina Akiwumi, President of the African Development Bank Group, outlined five key areas for the AAFC: energy development, green mineral resource exploitation, green infrastructure support, food security, and aligning with the Africa Investment Forum initiative.
BADEA, established by the Arab Summit Conference in 1973, operates as an independent international institution. It has financed over 700 projects in more than 44 African countries, significantly contributing to socio-economic development. The Arab Coordination Group, including institutions like the Islamic Development Bank and the Kuwait Fund for Arab Economic Development, will collaborate with BADEA to support the AAFC.
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