The Arab Bank for Economic Development in Africa (BADEA) is initiating a program to support one million small and medium-sized enterprises (SMEs) throughout Africa.
This program is part of three significant partnerships BADEA plans to establish with key stakeholders to promote development across the continent.
Fatima Elsheikh, strategic advisor to the BADEA president, announced the initiative during a press briefing on Thursday, July 18.
The signing of these partnerships will take place on Sunday, July 21, in Accra.
Elsheikh emphasized the transformative impact of these agreements for BADEA’s future, highlighting the bank’s commitment to Africa’s long-term development.
One major agreement involves a memorandum of understanding (MoU) with Wamkele Mene, Secretary-General of the African Continental Free Trade Area (AfCFTA).
This MoU will facilitate the creation of a unified Africa trade facility. Additionally, BADEA will collaborate to enhance the competitiveness of African exports and will release a joint report with the Africa Capacity Building Foundation (ACBF).
The event will also feature 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.
In celebration of its 50th anniversary, BADEA will host an event themed “Prosperity through Partnership: 50 Years of Arab-Africa Cooperation for Development.”
This event will take place during the African Union Mid-Year Coordination Meeting in Accra and will include a leaders’ breakfast to celebrate BADEA’s five decades in development finance.
The breakfast will also serve as the first platform to discuss the establishment and implementation of the AAFC.
Dr. Sidi Ould Tah, BADEA President, announced the bank’s goal to mobilize $50 billion for Africa’s development over the next six years.
This effort is part of BADEA’s broader 50th-anniversary celebrations and demonstrates its dedication to supporting the continent’s economic growth.
Gabby Octhere-Darko, Executive Chairman and Founder of the Africa Prosperity Network, stated that the event aims to build on 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).