Alliance of African Multilateral Financial Institutions : a turning point in Africa’s financial landscape

By the editorial staff

Under the auspices of Nana Addo Dankwa Akufo-Addo, President of the Republic of Ghana and designated Leader for financial institutions of the African Union, African multilateral financial institutions have launched the Alliance of African Multilateral Financial Institutions (AAMFI). This event, which occurred on the sidelines of the 37th Ordinary Session of the African Union Heads of State and Government Conference, marks a turning point in the continent’s financial landscape. AAMFI aims to promote collaboration among its members to stimulate sustainable economic development and financial autonomy in Africa.

This historic event has highlighted a collective commitment to encouraging collaboration, cooperation, and coordination among member institutions to promote sustainable economic development and financial autonomy in the African continent.

Common determination of Africa to shape its financial future

AAMFI consists of multilateral financial institutions established by treaties signed by African states, owned and controlled by Africans. It reflects Africa’s common determination to shape its financial future. The founding members, including the African Finance Corporation (AFC), the African Export-Import Bank (Afreximbank), the Trade and Development Bank Group (TDB Group), the African Reinsurance Corporation (Africa Re), the African Trade and Investment Development Insurance (ATIDI), the Sustainable Development Bank (SHAFDB), and ZEP-RE (PTA Reinsurance Co.), have united under the banner of AAMFI to strengthen their efforts towards promoting sustainable economic growth and integration, in line with the African Union’s Agenda 2063 and the United Nations Sustainable Development Goals.

As part of AAMFI’s mandate, Alliance members have committed to collaborating to meet Africa’s development financing needs, promoting the interests of member states, advocating for Africa’s interests on global financial issues, developing innovative financial tools, and supporting sustainable financing strategies. The establishment of AAMFI underscores Africa’s commitment to autonomy and sustainable economic development, leveraging local solutions and resources to advance the continent.

Addressing financial challenges and propelling Africa towards sustainable development

The historic launch of the Alliance was marked by the signing of a declaration by the seven founding members, announcing their adherence to the principles and objectives underlying the establishment of the Alliance.

In his address, His Excellency Nana Akufo-Addo emphasized the importance of the Alliance in Africa’s economic transformation. He stated, « The creation of the Alliance of African Multilateral Financial Institutions reflects our collective commitment to addressing financial challenges and propelling Africa towards sustainable development. Together, we will leverage our strengths and resources to unlock the continent’s boundless potential. »

AAMFI’s mandate goes beyond traditional financial cooperation. It seeks to address the specific needs of African sovereigns and facilitate their access to essential financing mechanisms. AAMFI will also be a strong voice and advocate for Africa’s financial interests and concerns on the global stage. Drawing on the expertise and resources of its member institutions, AAMFI is poised to catalyze growth in various sectors, including infrastructure, trade, and investment.

Speaking on behalf of His Excellency Moussa Faki Mahamat, Chairperson of the African Union Commission, H.E. Dr. Monique Nsanzabaganwa, Vice-Chairperson (DCP) of the African Union Commission, noted, « As we stand on the threshold of a new era, facing challenges and opportunities, it is imperative that we take bold and decisive actions to reshape the financial landscape in a way that reflects the aspirations and interests of all nations, especially those of the African continent. The establishment of AAMFI will help AU member states address financing challenges and strengthen support for the continent’s transformation and integration. »

AAMFI will firmly advocate for Africa’s interests in global financial forums, championing fair treatment and equitable representation for the continent

On behalf of its members, Professor Benedict O. Oramah, the inaugural Chairman of the Board of Directors of the Alliance of African Multilateral Financial Institutions (AAMFI), stated, « African countries have shown a commitment to shaping our collective financial destiny, and AAMFI will firmly advocate for Africa’s interests in global financial forums, championing fair treatment and equitable representation for the continent. »

As Africa embarks on the path to prosperity, the Alliance of African Multilateral Financial Institutions represents a beacon of hope and solidarity. Through collaborative efforts and unwavering commitment, the Alliance will strive to develop unique solutions and joint financing tools and instruments tailored to Africa’s specific development needs and pool resources for effective deployment. Additionally, AAMFI is committed to protecting and promoting the interests of member states and shareholders, ensuring that their voices are amplified on the global stage.