Speaking during the Africa Prosperity Dialogue at the Accra International Conference Centre on Thursday 30 January, Dr. ElSheikh pointed out that over 60% to 70% of BADEA’s investments had been focused on key infrastructure projects across the continent.

“We are proud of our efforts, especially in building essential transportation networks. Over 40 airports have been constructed, and we’ve developed what we call ‘isolation liberation roads’—roads that connect landlocked countries to ports and facilitate access to the sea,” she explained.

Dr. ElSheikh further emphasised the bank’s commitment to the continent’s continued growth, outlining BADEA’s new ambition for the next five years.

“We have recently launched a five-year plan, with an allocation of $18 million, aimed at continuing our infrastructure development initiatives. The focus will be on building on our existing projects and ensuring that more African nations benefit from better connectivity and access to global markets”, she added.

Established in 1974, BADEA will celebrate its 50th-anniversary celebrations under the theme: “Prosperity through Partnership: 50 Years of Arab-Africa Cooperation for development at an event scheduled to take place in Accra, the capital city of Ghana, on Sunday, 21 July 2024.

To commemorate its 50th anniversary of long standing engagement in building bridges of investment and trade flows between the African and Arab regions, BADEA in partnership with the Presidency of Ghana and the African Union (AU) Commission will celebrate its 50th anniversary during the AU Mid Year Coordination Meeting (MYCM) taking place in Accra, Ghana.

The event, a leaders’ breakfast, will celebrate BADEA’s five decades in development finance and also act as the inaugural platform to explore the establishment and implementation mechanisms for the AAFC.

The session will also focus on leveraging BADEA’s pivotal role as a partnership bridge – the only Arab development institution that is dedicated exclusively to Sub-Saharan Africa, envisioning a future where enhanced collaboration drives further prosperity and unity between the two regions.

In the Arab world, BADEA is a member of the Arab Coordination Group (ACG) — a consortium of 10 Arab Development Institutions that leverage their collective resources and expertise to maximize development impact across the world. Most recently in November 2023, the ACG pledged USD 50Bn in new investments towards Africa by 2030 demonstrating a strong commitment of the Arab partners towards the African region and its development priorities.

On the continent, BADEA is also an observer member in the Alliance of African Multilateral Financial Institutions (AAMFI). AAMF| embodies Afnca’s collective resolve to shape its financial future. BADEA therefore sits at a strategic intersection between the development interests of the 2 regions.

The establishment of the AAFC will significantly enhance economic development and cooperation in both the Arab and African reg ons and serve as an effective vehicle for the delivery of such ambitious targets through leveraging the collective financial strength of participating members, promoting sustainable development, and addressing common challenges affecting the two regions. The establishment and operationalization of the AAFC will also focus on key areas such as institutional frameworks, funding mechanisms, investment priorities, capacity building, and regional integration.