The African Union (AU) and the Arab Bank for Economic Development in Africa (BADEA) have announced a new partnership to accelerate development across the continent.

The Arab-Africa Financial Consortium (AAFC), launched during the 6th AU Mid-Year Coordination Meeting in Accra, Ghana, aims to unlock significant financial resources for Africa’s progress.

“We face complex and multifaceted challenges today, from economic uncertainties and geopolitical tensions to the impacts of climate change. We need such strong partnerships to leverage our collective strengths to surmount these challenges,” Ghanaian President Nana Akufo-Addo said at the meeting.

He praised BADEA’s unwavering commitment to Africa’s development over the past five decades and called for a united effort to build on past successes and address future challenges, ultimately creating a more prosperous and sustainable future for all Africans.

For his part, Fahad Aldossari, chairman of BADEA’s Board of Directors, affirmed the AAFC’s dedication to promoting rapid development in Africa over the next 50 years.