Highlights

• African financial institutions (FIs) unite for sustainable development.
• AAMFI welcomes new members, African Solidarity Fund (ASF) and East African Development Bank (EADB).
• Members work together to solve Africa's problems by sharing resources and knowledge.
• The Alliance aims to expand Africa's impact on the world stage.

The Alliance of African Multilateral Financial Institutions (AAMFI) recently met for the third time in Accra, Ghana. Established by African Union leaders in February 2024, AAMFI seeks to unite the resources of its member institutions to address Africa’s development challenges.

AAMFI currently includes the Africa Finance Corporation, African Export-Import Bank, Trade and Development Bank Group, African Reinsurance Corporation, African Trade and Investment Development Insurance, Shelter Afrique Development Bank, and ZEP-RE. The recent addition of the African Solidarity Fund and East African Development Bank expands the alliance’s reach and impact.

At the meeting, AAMFI members explored closer collaboration, including resource sharing and creating new financial tools. They also stressed the need to present a united front globally to advance Africa’s interests.

The alliance received strong support from Ghanaian President Nana Akufo-Addo, who sees AAMFI as a key tool for addressing Africa’s financing gaps. The group plans to establish a permanent secretariat to coordinate its efforts and achieve its goals.

“In today’s growingly complex global environment, it is critical for African multilateral institutions to lead with African solutions to enable the continent’s sustained and inclusive economic emergence”, Prof. Benedict O. Oramah, Chairperson of the AAMFI Governing Council, stated on behalf of AAMFI’s members. He added, “AAMFI leverages its members resources and assets and is bound to play a critical role in realizing the noble vision of the African Union’s 2063 Agenda. We are grateful for the immense support and patronage of the African Union for this initiative. We are also especially grateful for the support of His Excellency President Nana Akufo Addo, the President of Ghana and the African Union Champion for AU Financial Institutions for his consistent support.”

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Source: African Export–Import Bank