The Arab Bank for Economic Development in Africa (BADEA) has announced its commitment to supporting small and medium-sized enterprises (SMEs) as part of efforts to improve the financial sector in Africa.
This announcement was made during a press briefing ahead of BADEA’s 50th anniversary in Africa and the launch of the Arab-African Financial Institutions consortium.
Speaking at the launch event in Accra, Dr Fatima Farouk Elsheikh, Secretary General of BADEA, emphasized that investing in SMEs is crucial for eradicating poverty and driving economic transformation across the continent.
She highlighted the significant role SMEs play in economic development and expressed confidence in their potential to stimulate growth and create sustainable economic opportunities.
At the sidelines of the event, the President of BADEA, H.E. Dr Sidi Ould Tah, disclosed the finalization of a memorandum of understanding with the African Continental Free Trade Area (AfCFTA) to establish a unified Africa Trade Facility.
According to Dr Ould Tah, this initiative aims to enhance financing for cross-border trade across the continent and improve the competitiveness of African exports. It will also include the launch of a joint report with the Africa Capacity Building Foundation (ACBF).
On Sunday, July 21, BADEA will launch a call for greater Arab-African financial cooperation for development through the formation of an Arab-Africa Financial Consortium (AAFC). This consortium will be an alliance of Arab and African Development Financial Institutions with a common vision of strengthening economic, financial, and technical cooperation between Arab and African countries.
Established in 1974, BADEA will celebrate its 50th anniversary under the theme “Prosperity through Partnership: 50 Years of Arab-Africa Cooperation for Development” at an event scheduled to take place in Accra on Sunday, July 21, 2024. The celebration, in partnership with the Presidency of Ghana and the African Union (AU) Commission, will be part of the AU Mid-Year Coordination Meeting (MYCM) in Accra.
