(MENAFN- APO Group)
The Arab bank for Economic Development in Africa (BADEA) has joined
the Africa investment Forum
( ) as a founding partner, marking a new phase in the Forum's expansion and influence as a catalyst for mega investments into the continent.
The official announcement came during a breakfast meeting of heads of the Africa Investment Forum Founding Partner institutions, convened by the African Development Bank in Washington, DC on the sidelines of the International Monetary Fund and World Bank's annual meetings. During the meeting, the partners examined and adopted a new strategic framework to govern the forum. The meeting took place on Friday 25 October.
In welcoming BADEA as a new partner, African Development Bank President Akinwumi Adesina said:“Since 2018, BADEA has been a steadfast supporter of the Africa Investment Forum, consistently contributing to the growth and success of this platform.”
The Arab Bank for Economic Development in Africa is a multilateral development financial institution owned by 18 Arab countries. Its operations cover the entire Sub-Saharan African region.
BADEA group president Dr. Sidi Ould Tah said the main shareholders of his bank had been working on a new mechanism to support investment flows to Africa. The group has sovereign funds under management with assets in the trillions of dollars, of which they had pledged to channel a part for Africa's infrastructure needs.
“The role of BADEA is to catalyse resources for Africa. BADEA will work with all the member countries of AIF to make this pledge a reality,” Tah said.
The addition of BADEA brings the AIF's founding partners to nine:
the African Development Bank, Afreximbank, Africa Finance Corporation, Africa50, Development Bank of Southern Africa, European Investment Bank, Islamic Development Bank, and Trade and Development Bank.
Heads and representatives of each of the partners who attended the meeting included included Trade and Development Bank President and CEO Admassu Tadesse, Africa Finance Corporation's CEO
Samaila Zubairu, Africa50
President Alain Ebobissé, European Investment Bank Vice President Ambroise Fayolle,
Hani Salem Sonbol
Chief Executive Officer of the International Islamic Trade Finance Corporation representing Islamic Development Bank President Dr. Muhammad Sulaiman Al Jasser, and Afreximbank's Director for Export Development Oluranti Doherty, who represented its president.
Adesina also commended the founding partners for their energy, drive and momentum which he described as a testament to their confidence in the Forum.
The AIF's Market Days events, held annually, have drawn sovereign and non-sovereign investors from around the world, enabling a shift in risk perception and fostering confidence in Africa's investment landscape.
The platform has actively supported women-led businesses under its Women as Investment Champions pillar with examples such as Mobihealth International Ltd (Healthcare, Nigeria) which was supported to access grant and loan funding for feasibility studies and pan-African expansion.
From the African Development Bank, Senior Vice President Marie Laure Akin-Olugbade, several vice presidents and directors and the Senior Director of Syndications, the Africa Investment Forum and Client Solutions, Max Magor Ndiaye, and the Special Representative of President Adesina, Yacine Fall also attended the meeting.
The 2024 Market Days will take place from 4-6 December 2024 in Rabat, Morocco, under the theme:“Leveraging Innovative Partnerships for Scale.”
Distributed by APO Group on behalf of African Development Bank Group (AfDB).
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About the African Development Bank Group:
The African Development Bank Group is Africa's premier development finance institution. It comprises three distinct entities: the African Development Bank (AfDB), the African Development Fund (ADF) and the Nigeria Trust Fund (NTF). On the ground in 41 African countries with an external office in Japan, the Bank contributes to the economic development and the social progress of its 54 regional member states. For more information:
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