Akufo-Addo Applauds Contributions of BADEA

…Advocates For More Women, Youth

President Akufo-Addo, has acknowledged and applauded the contributions of the Arab Bank for Economic Development in Africa (BADEA) in the development of the continent over the past 50 years.

According to the president, the bank, established in 1974, has served Africa well and continues to be an inspiration and catalyst for development between the Arab world and Africa.

The president, who highlighted some of these developments said, BADEA, has supported the continent in the areas of finance, numerous projects from infrastructure development, health, agriculture, education among others.

Aside these supports, the bank has also helped to strengthen the partnership between the two continents, he stated.

“It has played a pivotal role in financing and supporting numerous projects across the African continent from infrastructure development to healthcare, education, and agriculture. These projects have not only contributed to the socio-economic development of our nations and continent but have also strengthened the partnership between Africa and the Arab world,” President Akufo-Addo said.

Giving his keynote address at a ‘leader’s breakfast’ held at the Kempinski Gold Coast Hotel on Sunday, July 21, as part of the launch of the Arab-African Financial Consortium (AAFC) and the BADEA 50th anniversary, the president, said BADEA, has been instrumental in fostering economic development and cooperation between African and Arab countries.

He said, the support and contributions of BADEA, is evident in their track record, saying “over the past 50 years, BADEA has financed over 700 projects in more than 44 African countries with a total value exceeding US$6 billion”.

According to him, these projects “have created jobs, improved living standards, and spurred economic growth across the continent.”

He added, “BADEA has not only evolved to meet the expectations of the continent and shareholders but also to demonstrate agility and responsiveness to meet development challenges from the COVID-19 response to becoming pledges in the Arab coordination group on food security, climate change, and resilient infrastructure. As we celebrate fifty years of Arab-Africa cooperation through BADEA, let us reaffirm our commitment to this vital partnership.

Let us build on the successes of the past and work together to address the challenges of the future. Let us strive to create a more prosperous, inclusive, and sustainable future for all our peoples. I call on all stakeholders, governments, the private sector, civil society, and international organisations to join hands in this endeavour”.

Despite the gains made so far, the president said more remains to be done, citing issues of gender gap, youth unemployment and many others which are yet to be tackled.

“We must take bold and decisive actions to address these issues. These include promoting gender equality, supporting women-owned businesses and creating opportunities for young people to gain meaningful employment and be self-employed…By empowering women and youth, we can build more resilient and prosperous societies.

The challenges we face today are complex and multifaceted ranging from economic uncertainties and geopolitical tension to the impacts of climate change and the ongoing COVID-19 pandemic. To address these challenges effectively, we must continue to strengthen our partnership and leverage our collective strengths.”

He further stated, “One of the key pillars of our partnership is our investment in human capital. Education and skills development are essential in unlocking the potential of our people and driving sustainable growth. BADEA’s significant contribution includes supporting numerous education and training programmes across Africa. However, there is still much work to be done.”

Quality Education

President Akufo-Addo, whose administration prides itself as the best in terms of investments in the educational sector, said there is still the need to ensure access to quality education for every child in Africa and the Arab world.

He mentioned the importance of investing in vocational training and higher education, to equip individuals with the necessary skills for the 21st-century economy.

“We must re-double our efforts to ensure that every child in Africa and the Arab world has access to quality education. We must also invest in vocational training and higher education to equip our people with the skills they will need to thrive in the economy of the 21st Century.

We are investing in human capital, unlocking the potential of our people, and driving sustainable growth through education and skills development. BADEA has significantly contributed to supporting numerous education and training programmes across Africa, and we will continue to build on this progress”.

Chairman of the Board of Directors of the Arab Bank for Economic Development in Africa, Dr Fahad Aldossari, assured stakeholders that his outfit will do all it can to ensure the newly established Arab-Africa Financial Consortium (AAFC) succeeds on its mandate.

The Consortium is expected to serve as a significant alternative pool of funding for African states and private sector entities.

Dr Aldoussari, lauded President Akufo-Addo, for his support and also elevating the partnership and coordination of these financial institutions.

“Today is also a special day as we feel honoured and grateful to his excellency, President of Ghana, the African Union Champion of financial institutions, who not only welcomed BADEA’s anniversary and hosted [us] in the beautiful city of Accra, but also elevated the partnership and coordination of financial institutions to support Africa,” he said.

“With His Excellency’s call to establish the Arab – Africa financial consortium, following the successful launch of the African financial institutions’ network last Friday, I can confirm that BADEA, will spare no effort in ensuring this consortium succeeds in realizing the vision of Arab – Africa financial institution collaboration and coordination for leveraging of resources for the continent,” he added.

President of the African Development Bank Group, Dr Adesina Akiwumi, in his submission, said there are five issues the Arab-African partnership must look at.

He listed them as, energy development, exploitation of the continent’s rich green mineral resources, the mobilisation of support for green infrastructure in Africa, ensuring that the new drive for Arab-Africa partnership revolves around the Africa Investment Forum initiative as well as food security.

“In the last five years, because of our collective work together, we have been able to attract over 180 billion dollars in investment interest into Africa. So, I am fully confident that as we structure the Arab and African financial institutions’ partnership, around this (Africa Investment Forum) effort, we can deliver even more results” Dr Adesina Akiwumi said.

President of the BADEA, Dr Sidi Ould Tah, in his brief remark, said the bank is excited about the achievement made so far on the continent and is committed to do more. He said BADEA has come this far because of the contributions of all it partners and stakeholders.

Dr Ould Tah, said BADEA feels more obliged to continue with it support and vision for Africa because one out of five Africans, is a citizen of an Arab country and 3 Arab citizens are citizens from African country.

Background

BADEA was established under the resolution of the 6th Arab Summit Conference at Algiers (28 November 1973). The Bank began operations in March 1975.

It is a financial institution owned by eighteen (18) Arab member countries of the League of Arab States (LAS) which signed its Establishing Agreement on 18 February 1974.

The Bank is an independent International Institution enjoying full international legal status and complete autonomy in administrative and financial matters. It is governed by the provisions of its Establishing Agreement and the principles of international law.

Source: Anchorghana.com