African financial institutions call for greater mobilisation of resources to develop Africa

The Alliance of African Multilateral Financial Institutions (AAMFI) has called for the increased mobilisation of resources to fund sustainable development in Africa. AAMFI made the call at a high-level side event at the 2024 Annual Meetings of the International Monetary Fund and the World Bank Group. This side meeting was organised jointly by AAMFI, the African Union (AU) and independent global development advisory firm AfriCatalyst. “Our biggest challenge is job creation – we need quality, sustainable jobs for young people to reduce poverty and inequality,” highlighted AAMFI first vice chairperson and Africa Finance Corporation president and CEO Samaila Zubairu. He urged that African institutional savings be mobilised to give Africans greater ownership of the development of their continent, and called for the creation of a framework that would facilitate the capitalisation of banks and development finance institutions by African governments and institutions.