African Finance Giants Back AU's Vision at Summit
The talks explored ways to build skills in Africa's growing youth population.
NOUAKCHOTT, Mauritania— Leaders of Africa's top financial institutions made a powerful show of support Thursday for the African Union's developmental goals during a high-level meeting with the AU's chairperson, President Mohamed Ould Cheikh Al-Ghazouani of Mauritania, writes Baboloki Semele.
The delegation represented a coalition with a combined balance sheet of over $75 billion, including the African Export-Import Bank (Afreximbank), Shelter Afrique Development Bank and the Arab Bank for Economic Development in Africa.
Headed by Afreximbank's president, Prof. Benedict Oramah, they underscored their commitment to financing trade, development and the AU's Agenda 2063 for continental transformation despite strains on the global financial system.
The talks explored ways to build skills in Africa's growing youth population.
The institutions pledged to mobilize $2 billion for vocational training and digital literacy initiatives, especially for youth and women, supporting the AU's 2024 theme "Educate an African Fit for the 21st Century."
"This meeting is a bold step towards realizing Agenda 2063 and a shared vision of an educationally self-sufficient Africa able to tackle global challenges," Oramah said.
He highlighted Afreximbank's strategic role through innovative initiatives like the Pan-African Payment and Settlement System and a $10 billion fund to boost African Continental Free Trade Area implementation.
President Al-Ghazouani welcomed the delegation's resolve to promote "African Solutions to African Problems." He backed Ghana's president's call for governments to invest at least 30% of sovereign reserves in African multilateral lenders to strengthen their resource mobilization.
The talks also affirmed support for the AU's representation in global forums like the G20 to amplify Africa's voice on climate action and other critical issues ahead of COP29 and COP16.
With $37.3 billion in assets, Afreximbank has disbursed over $104 billion to promote African trade and industrialization through financing, investment funds and insurance services with an investment-grade rating.