Latest news with #AAMFI
Zawya
24-02-2025
- Business
- Zawya
Samaila Zubairu of Africa Finance Corporation (AFC) Succeeds Prof. Benedict Oramah of Afreximbank to Lead the Alliance of African Multilateral Financial Institutions (AAMFI)
The Alliance of African Multilateral Financial Institutions (AAMFI), also known as the Africa Club, has announced the appointment of Samaila Zubairu as its new Chairperson. Mr. Zubairu, President and CEO of the Africa Finance Corporation (AFC), succeeds AAMFI's founding Chair, Prof. Benedict Oramah, President and Chairman of the Board of Directors of African Export-Import Bank (Afreximbank). His appointment was confirmed at the fifth meeting of the AAMFI Governing Council on 16 th February 2025, on the sidelines of the 38 th African Union Summit in Addis Ababa. Additionally, Dr Corneille Karekezi, Group Managing Director and CEO Africa Re Corporation (Africa Re) and Mr Manuel Moses, Chief Executive Officer of the African Trade&Investment Development Insurance (ATIDI), were appointed as the first and second Vice Chairpersons of the AAMFI Governing Council, respectively. Established in 2024, AAMFI brings together Africa's leading multilateral financial institutions to promote sustainable economic growth and financial self-reliance for the continent. The Alliance plays a critical role in strengthening intra-African collaboration, mobilising capital for development, and advocating for Africa's economic interests on the global stage. Under Prof. Oramah's leadership, AAMFI made significant strides, including its successful launch by African Heads of State in February 2024, the adoption of its governing Charter, the admission of 3 new members: Fund for Export Development in Africa (FEDA), African Solidarity Fund (ASF), and East African Development Bank (EADB), increasing its membership from seven founding members to a total of ten members. Prof. Oramah's leadership also saw the endorsement and recognition of AAMFI by key African Union organs and stakeholders, as well as successful elevation of the profile of the Alliance highlighting its key role in shaping discussions around African multilateral and development finance. "I want to thank the leadership of AAMFI for entrusting me with this mandate. Looking back at what we have achieved, I am reminded of the immense potential and responsibility that lies ahead. AAMFI has laid a strong foundation for Africa's financial sovereignty, but there is still much more to be done. I am confident that under the leadership of Mr. Samaila Zubairu, the Africa will continue to drive impactful collaborations and innovative financial solutions to accelerate Africa's economic transformation," said Prof. Oramah, in his statement during the handover ceremony. " As Chair, Zubairu will drive collaborative growth by strengthening partnerships among member institutions, African governments, and global agencies to build a robust financial architecture. His agenda prioritizes youth empowerment through industrialization, financial literacy, and pension reforms, strategic investments in infrastructure, and developing capital markets to enhance liquidity and intra-African investment. He will also advocate for cross-border capital mobilization and early warning systems to prevent financial vulnerabilities, ensuring Africa's economic resilience and long-term prosperity. While accepting the Chairmanship of the AAMFI for 2025, Mr Zubairu said: I am deeply honored to assume the chairmanship of AAMFI at this pivotal moment for Africa's economic transformation. Our collective mission is clear—to build a robust financial architecture that captures and retains value within the continent, mobilizes African capital for African priorities, and accelerate the infrastructure development that enables industrialization. By fostering deeper intra-African collaboration, and strengthening our institutions, we will unlock opportunities that create high-quality jobs, drive innovation, and secure our long-term economic resilience. I look forward to working with my esteemed colleagues to chart a path toward true financial sovereignty and sustainable prosperity for Africa.' Mr. Zubairu's leadership of AFC since 2018 has been pivotal to mobilising capital for infrastructure, industrialization and trade across Africa. AFC leads some of the continent's most significant infrastructure projects, including the Lobito Corridor, Africa's largest rail project, and transformative renewable energy initiatives such as the Lekela Power and Red Sea Power wind generation projects, and Xlinks, which is set to export electricity from the Sahara to Europe. Under his stewardship, AFC has doubled assets invested to $15 billion, and expanded membership from 18 countries to 44, representing 80% of African nations. Members commended Prof. Oramah on his successful leadership and tenure and pledged their commitment and support towards a successful year for Mr Zubairu as the new Chairperson of AAMFI. AAMFI members include AFC, Afreximbank, Trade and Development Bank Group (TDB Group), African Reinsurance Corporation (Africa Re), African Trade and Investment Development Insurance (ATIDI), Shelter Afrique Development Bank (SHAFDB), ZEP-RE (PTA Reinsurance Company), East African Development Bank (EADB), African Solidarity Fund (ASF), and the Fund for Export Development in Africa (FEDA). Distributed by APO Group on behalf of Africa Finance Corporation (AFC). For further information, please contact: communications@ About AAMFI: The Alliance of African Multilateral Financial Institutions (AAMFI) is an alliance of African-owned and controlled African Multilateral Financial Institutions (AMFIs), which was established to advance the interests of their African member states in global finance and to advocate for AMFI's role in protecting and promoting them. AAMFI's mandate is to promote collaboration, cooperation, and coordination among its members in finding solutions aimed at promoting as well as supporting Africa's sustainable economic development and integration objectives, in line with member institutions' respective mandates and in furtherance of their development objectives. AAMFI's founding members include Africa Finance Corporation (AFC); African Export-Import Bank (Afreximbank); Trade and Development Bank Group (TDB Group); African Reinsurance Corporation (Africa Re); African Trade and Investment Development Insurance (ATIDI), Shelter Afrique Development Bank (SHAFDB); and ZEP-RE (PTA Reinsurance Company). East African Development Bank (EADB), the African Solidarity Fund (ASF), the Fund for Export Development in Africa (FEDA) are the Alliance's latest addition to the membership. The Alliance was launched in collaboration with the African Union Commission on the 17 th of February 2024 in Addis Ababa, Ethiopia. AAMFI members have matured over the past decades, with a collective balance sheet of over US$70 billion deployed specifically to address the critical trade, investment and development gaps across the continent.
Zawya
17-02-2025
- Business
- Zawya
Mahama hosts Heads of State Dialogue on financing African investments
President John Dramani Mahama has urged African nations to enhance domestic resource mobilisation to reduce reliance on external funding and to foster sustainable economic growth. Speaking at a 'Heads of State and Government Breakfast Dialogue' during the African Union (AU) Summit, Mahama emphasised the continent's resilience in the face of ongoing challenges, forecasting a growth recovery of 3.7 per cent in 2024 and 4.03 per cent in 2025. 'This optimistic outlook underscores the robust nature of our economies and the success of our policy interventions,' stated President Mahama, the African Union's Champion for Financial Institutions. The dialogue was on the theme, 'Africa at the Forefront: Mobilizing African Investment and Financing for Implementing Agenda 2063.' President Mahama hosted the event, organised in partnership with the Alliance of African Multilateral Financing Institutions (AAMFI)— often referred to as the African Club—and gathered esteemed officials from various multilateral organisations. Notable attendees included Professor Benedict Oramah, Chairperson of the AAMFI and President of Afreximbank; Dr Ngozi Okonjo-Iweala, Director General of the World Trade Organization (WTO); and Dr Donald Kaberuku, African Union High Representative for Financing of the Union and the Peace Fund. President Mahama warned of significant hurdles facing the continent despite the encouraging economic forecast. 'While we see positive trends, we must acknowledge that our growth hasn't consistently translated into improved per capita incomes. Structural transformation remains uneven, with many economies reliant on low-productivity sectors,' he noted. He emphasised the urgency of addressing a challenging financing gap estimated at approximately $402 billion annually until 2030. 'This gap is more than just a figure; it signifies the unrealised aspirations of countless Africans whose hopes for a better future hinge on our capacity to invest wisely in crucial areas like infrastructure, education, technology, and health.' In addition to financial constraints, Mahama pointed out other challenges, including climate issues, geopolitical tensions, and potential disruptions from diseases and pandemics. He stressed the importance of strategic investments in critical sectors and acknowledged the substantial financing gap needed to support these initiatives. To bridge this gap, Mahama proposed a multifaceted strategy that encompasses strengthening domestic resource mobilization, improving tax administration, and mitigating illicit financial flows. He underscored the vital role of African multilateral financial institutions in supporting sustainable development and urged strengthening their capacity to advance Africa's Agenda 2063. 'The establishment of institutions like the African Central Bank, African Investment Bank, African Monetary Fund, and the Pan African Stock Exchange is crucial for fostering necessary investments,' he stated. 'It is imperative for African countries to expedite the rollout of these institutions and leverage our collective strengths to fill the financing and investment voids.' The president also envisioned a unified, prosperous, and peaceful Africa, affirming that such a vision is attainable if African nations effectively mobilise resources, reform financial systems, and invest in their populations. Dr Ngozi Okonjo-Iweala, the WTO's Director General, echoed President Mahama's sentiment, urging African leaders to curtail borrowing and seek innovative methods for attracting and retaining investments. 'We need to capitalise on investments flowing into Africa and ensure their sustainability for our development,' she noted, suggesting strategies such as enhancing the value added to natural resources and utilising pension funds to raise long-term capital. The event also featured a high-level panel discussion focused on strategies for mobilising African finance to meet the objectives of Agenda 2063, reinforcing the dialogue's commitment to achieving sustainable development across the continent. Distributed by APO Group on behalf of The Presidency, Republic of Ghana.
