Under the esteemed patronage president Nana Addo Dankwa Akufo-Addo of Ghana and the Champion on the African Union Financial Institutions, Africa’s multilateral financial institutions have collaborated and launched the Alliance of African Multilateral Financial Institutions (AAMFI). The auspicious inauguration, which took place on the sidelines of the 37th Ordinary Session of the Assembly of Heads of State and Government of the African Union, marked a pivotal moment in Africa’s financial landscape.
A statement by Afreximbank posits that the landmark gathering underscored a united commitment to foster collaboration, cooperation, and coordination among esteemed member institutions to drive sustainable economic development and financial self-reliance across the continent.
Comprised of multilateral financial institutions, established by treaty by African states, which are Africa-owned and Africa-controlled, AAMFI embodies Africa’s collective resolve to shape its financial future. The founding members, including Africa Finance Corporation (AFC), African Export-Import Bank (Afreximbank), Trade and Development Bank Group (TDB Group), African Reinsurance Corporation (Africa Re), African Trade and Investment Development Insurance (ATIDI), Shelter Afrique Development Bank (SHAFDB), and ZEP-RE (PTA Reinsurance Co.), have converged under the banner of AAMFI to synergize efforts in promoting sustainable economic growth and integration aligned with the Africa Union’s Agenda 2063 and the United Nations Sustainable Development Goals.
Under the mandate of AAMFI, the Alliance members commit to collaborate to address Africa’s development finance needs, promote the interests of member states, advocate for Africa on global finance issues, develop innovative finance tools, and support sustainable finance strategies. AAMFI’s formation underscores Africa’s commitment to self-reliance and sustainable economic development, leveraging home-grown solutions and resources for the continent’s advancement.
The historic inauguration of the Alliance witnessed a momentous occasion as all seven founding members signed a declarative statement announcing their commitment to the principles and objectives behind the establishment of the Alliance.
AAMFI’s mandate extends beyond conventional financial cooperation. It seeks to address the specific needs of African sovereigns and facilitate their access to essential financing mechanisms. It will also stand as a strong voice and advocate for African financial interests and concerns on the global stage. Leveraging the expertise and resources of its member institutions, AAMFI is poised to catalyze growth across various sectors, including infrastructure, trade, and investment.
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