By Favour Nnabugwu
Some financial institutions created through treaties between African states have come together under the umbrella of the Alliance of African Multilateral Financial Institutions (AAMFI).
The founding members, including. African Reinsurance Corporation (Africa Re), Africa Finance Corporation (AFC), African Export-Import Bank (Afreximbank), Trade and Development Bank Group (TDB Group), 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.
Through this alliance, these financial institutions are planning to work together to contribute to the continent’s economic development.
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.
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.
On behalf of its members, Prof. Benedict O. Oramah, inaugural Chair of the Governing Council of the Alliance of African Multilateral Financial Institutions (AAMFI), stated that as Africa embarks on a journey towards prosperity, the Alliance of African Multilateral Financial Institutions stands as a beacon of hope and solidarity.
“Through collaborative efforts and unwavering commitment, the Alliance will work to develop unique solutions and joint financing tools and instruments tailored to Africa’s unique developmental needs and pool resources for their effective deployment.”
In addition, AAMFI pledges to protect and promote the interests of member states and shareholders, ensuring their voices are amplified on the global stage.
The inauguration and the declaration signing was attended and witnessed by several African Heads of State and Government, including H.E. William S. Ruto, President of the Republic of Kenya; H.E. Mohamed Al-Menfi, President of the Presidential Council of the State of Libya; H.E. Hakainde Hichilema, President of the Republic of Zambia; H.E. Ntsokoane Samuel Matekane, Prime Minister of the Kingdom of Lesotho and H.E. Mr. Mbella Mbella Lejeune, Minister of Foreign Affairs, representing H.E. Paul Biya, President of the Republic of Cameroon.
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