Several multilateral financial organisations have collaborated to establish the Alliance of African Multilateral Financial Institutions (AAMFI), under the patronage of Nana Addo Dankwa Akufo-Addo, the President of Ghana. This significant initiative was launched during the 37th Ordinary Session of the African Union, marking a pivotal moment in Africa’s financial landscape.
AAMFI represents a collective commitment among these institutions to collaborate and coordinate efforts towards sustainable economic development and financial independence across Africa.
Consisting of institutions established by African states and owned by Africa itself, AAMFI reflects the continent’s determination to shape its financial future.
Key founding members, including Africa Re, Africa Finance Corporation, African Export-Import Bank, and others, aim to foster collaboration and drive sustainable economic development across the continent.
AAMFI aims to address Africa’s development finance needs, advocate for African interests globally, and promote sustainable finance strategies. Its establishment underscores Africa’s commitment to self-reliance and leveraging its own resources for economic advancement.
During the inauguration, all founding members signed a declaration affirming their commitment to AAMFI’s principles.
President Akufo-Addo emphasised the importance of AAMFI in driving Africa’s economic transformation, stating, “The establishment of AAMFI signifies our collective commitment to surmount financial challenges and propel Africa towards sustainable development.”
AAMFI’s mandate extends beyond financial cooperation to address the specific needs of African nations and advocate for their interests globally. With the expertise and resources of its member institutions, AAMFI aims to catalyse growth across various sectors, including infrastructure, trade, and investment.
In remarks delivered on behalf of the African Union Commission, the importance of AAMFI in supporting African Union Member States was underscored, highlighting its role in addressing financing challenges and supporting the continent’s transformation.
As Africa embarks on its journey towards prosperity, AAMFI stands as a symbol of hope and solidarity. Through collaborative efforts, it will develop tailored solutions and financing tools to meet Africa’s unique developmental needs while amplifying the voices of member states and shareholders on the global stage.
