President of the African Export-Import Bank Afreximbank, Professor Benedict Oramah, has emphasised the importance of collaboration among key finance and insurance firms in strengthening Africa's financial landscape.

He mentioned that the Africa Finance Corporation (AFC), African Export-Import Bank (Afreximbank), and others boast a collective balance sheet exceeding $62 billion to tackle the inadequacies of the global and continental financial architecture.

Speaking at the inaugural press briefing to launch the Alliance of African Multilateral Financial Institutions (AAMFI) in Accra on July 20, Professor Oramah said the establishment marks a pivotal moment in the continent's financial landscape.

He explained that the institutions under AAMFI "are strategically positioned to tackle Africa's development finance needs by leveraging collaborative efforts, advocating for member states globally, and pioneering innovative finance solutions.”

"The formation of AAMFI underscores Africa's commitment to self-reliance and sustainable economic growth, utilizing indigenous resources to drive continental advancement.

"Supported fervently by the African Union, notably by His Excellency President Nana Akufo-Addo of Ghana, the initiative seeks to mobilize domestic and international resources effectively," Prof Oramah said.

He continued, “This alliance is a critical initiative that will be transformative for the continent, ensuring the effective mobilization of our domestic resources, as well as international resources towards the continent’s development.”

The African Union Commissioner for Development, Trade, Tourism, Industry, and Minerals, Albert Muchanga, highlighted AAMFI's role in promoting sustainable finance strategies, coordinating debt management negotiations, and advocating for Africa's interests in global financial arenas.

He mentioned that the alliance is poised to transform the continent's financial landscape by harnessing collective strength and fostering home-grown solutions.

"Looking ahead, AAMFI anticipates a collaborative journey towards achieving impactful development outcomes across Africa, relying on widespread support to amplify its initiatives globally," Albert Muchanga said.

The Alliance of African Multilateral Financial Institutions was established in collaboration with the African Union Commission and inaugurated by African Heads of State during the 37th Ordinary Session held in Addis Ababa on February 17, 2024.

AAMFI’s membership includes 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), ZEP-RE (PTA Reinsurance Co.), African Solidarity Fund (ASF), and East African Development Bank (EADB).

The alliance also known as 'The Africa Club' aims to address critical trade and investment gaps across Africa.

MA/NOQ