Driving Sustainable Growth: Arab-Africa Financial Consortium Promotes Cooperation for Development
Key Ideas
  • Dr. Akinwumi Adesina emphasizes the importance of coordinated partnerships with the Arab region to tackle food security, energy transition, youth employment, and infrastructure development in Africa.
  • Focus is on energy cooperation between Gulf countries and Africa, with investments in renewable energy, green hydrogen, and green ammonia playing a crucial role in Africa's energy transition.
  • Discussion includes the potential of Africa in green metals industrial value chains, electric vehicle industry, and battery energy storage systems, highlighting opportunities for economic growth and development.
  • The Arab-Africa Financial Consortium aims to deepen financial cooperation and create a transformative agenda for sustainable growth, with emphasis on historical, geographical, and cultural ties between the two regions.
Dr. Akinwumi Adesina, President of the African Development Bank Group, stressed the need for African countries to establish strong partnerships with the Arab region to address critical challenges hindering the Continent's sustainable growth. Key issues discussed during the Leaders’ Breakfast Meeting included food security, energy transition, youth employment, and infrastructure development. Dr. Adesina highlighted the potential for cooperation in energy between Gulf countries and Africa, particularly in renewable energy, green hydrogen, and green ammonia. Moreover, there was a focus on Africa's vast reserves of critical minerals like cobalt, manganese, graphite, lithium, and copper, essential for the green energy transition. The discussion also extended to the electric vehicle industry and battery energy storage systems, projecting a significant market value by 2050. The establishment of the Arab-Africa Financial Consortium and the celebration of 50 years of Arab-Africa Co-operation through BADEA marked a significant milestone. The Consortium aims to enhance financial collaboration between the two regions, fostering economic growth and technological advancement. Dr. Sidi Ould Tah, President of BADEA, highlighted the institution's contributions to African development over the last five decades. He underscored the importance of deepening partnerships between Africa and the Arab region to unlock potentials for sustainable growth, emphasizing the shared responsibility to drive economic and financial progress.
ADVANCEH2

Our vision is to be the world's leading online platform for advancing the use of hydrogen as a critical piece needed to deliver net-zero initiatives and the promise of a clean H2 energy future.

© 2024 AdvanceH2, LLC. All rights reserved.