The Arab Bank for Economic Development in Africa (BADEA) is set to embark on an initiative to support one million small and medium-sized enterprises (SMEs) across Africa.

This initiative is part of three significant partnerships BADEA will sign with key stakeholders to bolster the continent's development.

The announcement was made by Fatima Elsheikh, strategic advisor to the BADEA president, during a press briefing on Thursday, July 18.

The signing of these partnerships is scheduled for Sunday, July 21, in Accra.

Elsheikh emphasized the transformative nature of these agreements for BADEA’s next 50 years, underscoring the bank's commitment to long-term development in Africa.

One of the key agreements includes a memorandum of understanding (MoU) with Wamkele Mene, Secretary-General of the African Continental Free Trade Area (AfCFTA).

This MoU aims to establish a unified Africa trade facility. Additionally, BADEA will partner to enhance the competitiveness of African exports and will release a joint report with the Africa Capacity Building Foundation (ACBF).

The event will also see the launch of the Arab-Africa Financial Consortium (AAFC), an alliance of Arab and African Development Financial Institutions.

The consortium aims to strengthen economic, financial, and technical cooperation between Arab and African countries.

Celebrating its 50th anniversary, BADEA will host an event themed “Prosperity through Partnership: 50 Years of Arab-Africa Cooperation for Development.”

This celebration will take place during the African Union Mid-Year Coordination Meeting in Accra and will feature a leaders’ breakfast to commemorate BADEA’s five decades in development finance.

The breakfast will also serve as the inaugural platform to discuss the AAFC's establishment and implementation mechanisms.

Dr. Sidi Ould Tah, BADEA President, announced that the bank aims to mobilize $50 billion for Africa's development over the next six years.

This funding effort is part of the bank’s broader 50th-anniversary celebrations and underscores its commitment to supporting the continent's economic growth.

Gabby Octhere-Darko, Executive Chairman and Founder of the Africa Prosperity Network, noted that the event aims to build upon the existing relationship between Africa and the Arab world, fostering greater economic integration and development.

He highlighted Africa's vast natural resources and potential for prosperity, emphasizing the need for financial support and policy reforms to achieve the African Union’s Agenda 2063 and the Sustainable Development Goals (SDGs).