The Alliance of African Multilateral Financial Institutions (AAMFI) held the third meeting of its Governing Council on the margins of the African Union Mid-Year Coordination Meeting, held in Accra, Ghana, during which it welcomed the endorsement of the Alliance by the African Union (AU) Ministers of Finance and Central Bank Governors at their 7th Ordinary Session of the African Union Specialized Technical Committee (STC) on Finance, Monetary Affairs, Economic Planning, and Integration, in Tunis, Tunisia.

The STC Ministerial declaration and decisions reflected the pivotal role of African Multilateral Financial Institutions (AMFIs) in the continent’s financial architecture. AAMFI received strong support from the meeting and was recognized by the Specialized Technical Committee as crucial for strengthening the continental financial framework and advancing the African Union’s Agenda 2063. The Ministers and Central Bank Governors reaffirmed the vital role of African Multilateral Financial Institutions in continental development and committed to enhancing the capital and credit ratings of AMFIs to mobilize essential funding for Africa’s growth.

The Ministers and Central Bank Governors expressed concerns over recent reports questioning the Preferred Creditor Status (PCS) of AMFIs, emphasizing its importance in engaging with Credit Rating Agencies and securing development financing. The Ministerial declaration affirms the importance of the rights conferred on AMFIs by African Governments, including Preferred Creditor Status (PCS), crucial for reducing borrowing costs and deepening capital markets. The Ministers and Central Bank Governors urged AU Member States to uphold their commitments to AMFIs and respect their treaty obligations, and further recommended that the AU Assembly mandate the African Union Commission (AUC) to work with AAMFI in engaging key stakeholders, including the G20. The Ministers reaffirmed their commitment to swiftly establish the African Union Financial Institutions, including the African Monetary Institute (AMI) and the African Financial Stability Mechanism (AFSM).

The AAMFI Governing Council noted that the Alliance exemplifies Africa’s innovative approach to address financing gaps and ensure sustainable development. The AMFIs, established by African States under treaty, have proven to be responsive to Member States in times of crisis, are commercially sustainable, generating profits and investment returns for shareholders while fulfilling their important development mandates.

The African Union’s rejection of recent attempts to weaken the preferred creditor status of African-owned and controlled multilateral financial institutions, and the AU’s commitment to strengthen AMFIs underscores these institutions’ pivotal role in Africa’s financial architecture. This ensures that AMFIs can continue supporting African sovereigns’ development and drive economic growth.

AAMFI remains dedicated to collaborating closely with AU Member States, the AU and other stakeholders to implement these critical decisions, advancing the objectives of Agenda 2063. The AAMFI members will remain engaged and proactive in supporting these decisions, ensuring their collective efforts align with the AU’s vision for a robust and sustainable financial architecture in Africa.

Distributed by APO Group on behalf of Afreximbank.

For further information, please contact:
communications@aamfi.africa  
press@afreximbank.com 
info@aamfi.africa

About AAMFI:
The Alliance of African Multilateral Financial Institutions (AAMFI) is an alliance of African-owned and controlled African Multilateral Financial Institutions (AMFIs), which was established to advance the interests of their African member states in global finance and to advocate for AMFI’s role in protecting and promoting them. AAMFI’s mandate is to promote collaboration, cooperation, and coordination among its members in finding solutions aimed at promoting as well as supporting Africa’s sustainable economic development and integration objectives, in line with member institutions’ respective mandates and in furtherance of their development objectives. AAMFI’s founding members include Africa Finance Corporation (AFC); African Export-Import Bank (Afreximbank); Trade and Development Bank Group (TDB Group); African Reinsurance Corporation (Africa Re); African Trade and Investment Development Insurance (ATIDI), Shelter Afrique Development Bank (SHAFDB); and ZEP-RE (PTA Reinsurance Company). East African Development Bank (EADB), and the African Solidarity Fund (ASF) are the Alliance’s latest addition to the membership.

The Alliance was launched in collaboration with the African Union Commission by African Heads of State, on the margins of the 37th Ordinary Session of the Assembly of the Heads of State and Government of the African Union on the 17th of February 2024 in Addis Ababa, Ethiopia.

The African Energy Chamber (AEC) (https://EnergyChamber.org/) has carried out a working visit to Senegal, meeting with Senegal’s Minister of Energy, Petroleum&Mines, Birame Souleye Diop, and key stakeholders in the oil and gas industry ­– aiming to promote further collaboration and investment in the sector.

During the visit, the AEC engaged in productive discussions with Minister Diop, focusing on critical issues that will drive the growth and sustainability of Senegal’s oil and gas industry. The talks centered on strategies to increase local content – ensuring that Senegal’s citizens benefit from the country’s natural resources through greater participation of local companies and workers in the industry. Additionally, opportunities to foster greater cooperation among stakeholders, including government agencies, international oil companies and local businesses were discussed, recognizing that collaboration is key to driving investment and progress in the sector. Initiatives to improve Senegal’s oil and gas industry were also explored, with the aim of enhancing overall industry performance.

As the voice of the African energy sector, the AEC remains steadfast in its advocacy for oil and gas development in Africa. Africa’s wealth of resources – estimated at 125 billion barrels of proven oil and 620 trillion cubic feet of proven natural gas – offer the continent the solution it needs to accelerate industrialization, electrification and inclusive economic growth. Senegal is taking the right approach to development in this regard and the AEC acknowledges the government’s constructive efforts to foster collaboration and investment.

In a significant milestone for the country, Senegal achieved first oil production at the Sangomar oilfield in June 2024. With a capacity of 100,000 barrels per day (bpd), the project not only introduces a reliable and affordable fuel source for the country but positions Senegal as a major African producer. Developed through a partnership between Senegal’s NOC Petrosen and exploration and production company Woodside Energy, the Sangomar project demonstrates the vital role collaboration plays in supporting dual goals of achieving energy security while advancing the energy transition in Africa. The project – alongside the Greater Tortue Ahmeyim (GTA) LNG project which expects first gas production this year – underscores how oil and gas can serve as a catalyst for sustainable development in Africa.

As the first large-scale offshore oil development in Senegal, Sangomar stands as a testament to the value of industry collaboration in developing deepwater projects. The project’s phase one features an FPSO – Léopold Sédar Senghor – situated 100 km off the coast of Senegal, with a capacity of 100,000 bpd. Throughout phase one, 23 wells will be drilled, with operations already underway.

Beyond Sangomar, the next project on the Senegalese horizon is GTA, which is on track to start operations by Q4 this year. The project – developed through a partnership comprising energy majors bp and Kosmos Energy, Petrosen and Mauritania’s SMH – has a production capacity of 2.3 million tons in its first phase. Situated on the maritime border of Senegal and Mauritania, the project has set a strong benchmark for collaborative energy developments in Africa.

In addition to collaboration, GTA is set to galvanize clean energy production in the MSGBC region. The project showcases both Senegal and Mauritania’s commitment to harnessing their gas resources for sustainable development, serving as a catalyst for the region’s just energy transition. At a time when western nations are calling for an end to fossil fuel utilization, both the Sangomar and GTA projects highlight the critical value these resources hold in Africa.

As Senegal’s President Bassirou Diomaye Faye so aptly noted, “I am thinking of the unfair conditions of the energy transition, when some partners prohibit the foreign financing of fossil energy sources, including gas, while they continue to use much more polluting sources such as coal themselves.”

Oil and gas projects are already transforming Senegal’s economy. Notwithstanding opportunities regarding energy supply, projects such as the Sangomar and GTA developments serve as a crucial source of revenue while creating thousands of jobs and associated business opportunities. The projects have also showcased Senegal’s capability to undertake and manage extensive energy projects on a significant scale.

“Senegal’s achievement of first oil production is a historic milestone – both for the country and the broader MSGBC region – and we anticipate the start of gas production this year to further enhance the attractiveness of the market. We support President Faye’s call for a just transition on fossil fuels, highlighting the need to address the imbalance of Western nations restricting fossil fuels in Africa while continuing to utilize more polluting sources. We stand in solidarity with Senegal in promoting equitable energy transition conditions and remain committed to working with stakeholders to drive investment and growth in Senegal’s energy sector,” stated NJ Ayuk, Executive Chairman of the AEC.

Distributed by APO Group on behalf of African Energy Chamber.

African Development Bank (www.AfDB.org) Executive Director Rufus N. Darkortey has concluded a five-day working visit to Liberia, where he held high-level discussions with major stakeholders, including President Joseph Nyuma Boakai.

Darkortey, who represents Liberia, The Gambia, Ghana, Sudan, and Sierra Leone at the Bank, also met with Liberian Vice President Jeremiah Kpan Koung, Speaker of Parliament Jonathan Fonati Koffa, and several ministers and agency heads.

The July 8-12 mission, Darkortey’s first official engagement with Liberia since President Boakai’s election, centered on aligning the Bank’s support with Liberia’s development priorities, including fostering sustainable and inclusive growth.

President Boakai commended the African Development Bank Group under Dr. Akinwumi Adesina’s leadership for its significant support. He pledged to implement the necessary reforms to accelerate development in the West African country. Key focus areas of discussion included infrastructure development, SME-led private sector growth, bolstering domestic resource mobilization, and agricultural productivity.

Darkortey highlighted the Bank’s current portfolio in Liberia, with 56% of investments directed towards the transport sector, 28% to energy, and 8% to agriculture. Notable projects include the Fish Town-Harper highway and a cross-border high-voltage transmission line that will interconnect Liberia with Cote d’Ivoire, Sierra Leone, and Guinea.

The Executive Director reaffirmed the Bank’s commitment to supporting Liberia’s development under the leadership of President Boakai, who assumed office in January 2024. Discussions also focused on the Bank’s Youth Entrepreneurship Investment Bank initiative. In 2023, the Bank approved around $16 million to support over 30,000 youth-led micro, small, and medium enterprises in Liberia’s burgeoning agribusiness and allied sectors.

At the Bank’s 2024 Annual Meetings in Nairobi, Kenya, in May, Adesina announced plans to mobilize $3.5 billion to $5 billion for the Liberty corridor project, involving the construction of a world-class rail system connecting Liberia’s deepwater Didia port to Guinea. This aligns with President Boakai’s ARREST Agenda, a national development plan, focusing on agriculture, roads, rule of law, education, sanitation, and tourism to promote inclusive development.

The African Development Bank has been a long-time supporter not only of Liberia but of the Mano River Union, which is seen as a conduit to develop the region’s agricultural potential, create jobs for youth unemployment and tackle fragility.

Distributed by APO Group on behalf of African Development Bank Group (AfDB).

Contact:
Kwasi Kpodo
Communication and External Relations
media@afdb.org

About the African Development Bank Group: 
The African Development Bank Group (AfDB) is the premier multilateral financing institution dedicated to Africa’s development. It comprises three distinct entities: the African Development Bank (AfDB), the African Development Fund (ADF) and the Nigeria Trust Fund (NSF). The AfDB has a field presence in 41 African countries, with an external office in Japan, and contributes to the economic development and social progress of its 54 regional member states. For more information: www.AfDB.org

Today in New Alamein City, President Abdel Fattah El-Sisi received President of the United Arab Emirates and Ruler of Abu Dhabi, His Highness Sheikh Mohamed bin Zayed Al Nahyan, who made a private visit to Egypt. The two leaders met in a fraternal atmosphere, underscoring the robust and profound historical relations between the two countries and their peoples.

President El-Sidi accompanied His Highness Sheikh Mohamed bin Zayed on a tour to New Alamein City, where they visited its prominent landmarks and inspected the construction and development achieved in the city.

President El-Sisi then bid farewell to Egypt’s esteemed guest at Al Alamein Airport, emphasizing the brotherly and historical relations and bonds the two countries’ leaderships and peoples share.

Distributed by APO Group on behalf of Presidency of the Arab Republic of Egypt.