The Alliance of African Multilateral Financial Institutions (AAMFI) has jointly dedicated a US$62 billion fund to address the continent’s critical trade and investment gaps.

The Alliance aims 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, support sustainable finance strategies, and coordinate debt management negotiations.

The membership of AAMFI 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).

AAMFI or the Africa Club, as also called was launched in collaboration with the African Union Commission, by African Heads of state, on the margins of the 37th Ordinary Session of the Assembly of the Heads of State and Government of the African Union on the 17th of February 2024 in Addis Ababa.

Chairperson of the AAMFI Governing Council and President and Chair of the Board of Afreximbank, Prof Benedict Oramah, said the Alliance is a coming together of African Multilateral Financial Institutions, set up by treaty, by African states in response to the inadequacies of the global and continental financial architecture.

“The Alliance’s formation underscores Africa’s commitment to self-reliance and sustainable economic development, leveraging home-grown solutions and resources for the continent’s advancement. It is a critical initiative that will be transformative for the continent, ensuring the effective mobilization of our domestic and international resources towards the continent’s development,” he stated.

Speaking at a press briefing in Accra on the margins of the 6th mid-year coordination meeting of the African Union (AU), he emphasised the importance of enhancing domestic resource mobilization within Africa, stating that a vibrant African capital market is essential for attracting investments, promoting economic growth, and creating opportunities for local businesses and entrepreneurs.