The Alliance for African Multilateral Financial Institutions (AAMFI) has called for increased resource mobilization to support sustainable economic development across Africa. This urgent need was highlighted during a high-level side event organized by AAMFI in partnership with the African Union and AfriCatalyst, held alongside the recent 2024 Annual Meetings of the International Monetary Fund and World Bank Group.
Key stakeholders underscored the importance of collaborative efforts among African Multilateral Financial Institutions and governments to harness the continent’s extensive resources effectively. “We as Africans in our different capacities need to strengthen African multilateral institutions to not only meet the urgent demands of today but to build a future where Africans can thrive,” stated H.E. Hilda Suka-Mafudze, the African Union Ambassador to the United States, who hosted the event.
The gathering brought together finance ministers, heads of financial institutions, and other stakeholders to discuss strategies for accessing global capital to finance critical public and private sector projects. H.E. Albert M. Muchanga, African Union Commissioner for Economic Development, urged collaboration with the African Stock Exchange Association to establish a Pan-African Capital Market, which would benefit nations without existing stock exchanges.
In his opening remarks, Samaila Zubairu, President and CEO of the Africa Finance Corporation and AAMFI’s 1st Vice Chairperson, stressed the need to combat income inequality through sustainable development, highlighting job creation as a key priority for reducing poverty. “Our biggest challenge is job creation—we need quality, sustainable jobs for young people to reduce poverty and inequality,” he asserted.
Mr. Denys Denya, Senior Executive Vice President at Afreximbank, noted that while African governments have made significant capital-raising efforts, it is crucial to ensure that African resources directly benefit the continent.
Panel discussions featured strategies from various nations to enhance economic resilience. H.E. Fatima Haram Acyl, Chad’s Minister for Economy and Planning, outlined initiatives to increase non-oil revenues through digital taxation and improved land management, reporting positive growth in revenue and a developing tax culture.
The topic of de-risking was also prominent, with Jean-Paul Adam from the UN emphasizing the need for large-scale programs to facilitate investments in critical sectors such as energy and infrastructure. Hope Murera, CEO of Zep-Re, highlighted that attracting global capital depends on demonstrating regional value at scale.
The event concluded with a renewed commitment from participants to advocate for policies that leverage Africa’s resources for sustainable development, ensuring tangible benefits for the continent’s people and economies.
