Why is it in the news?
- The Africa Club was recently inaugurated during the 37th African Union Summit in Addis Ababa, Ethiopia.
About Africa Club
- The Africa Club is an alliance comprising African Multilateral Financial Institutions, all of which are African-owned and controlled.
- The primary objective of the Africa Club is to enhance Africa’s influence within the global financial system. This is to be achieved by aligning its operations with the Sustainable Development Goals (SDGs) and the African Union’s Agenda 2063.
- The club aims to introduce innovative financial instruments, provide a platform for discussions on debt management, and encourage collaborative efforts to address the specific financial needs of African countries.
- The founding members of the Africa Club include prominent institutions such as the African Export-Import Bank, the Trade and Development Bank, the Africa Finance Corporation, the African Reinsurance Corporation, the African Trade and Investment Development Insurance, Shelter Afrique Development Bank, and ZEP – RE (PTA Reinsurance Co).
| About the African Union (AU)
· The African Union is an intergovernmental organization consisting of 55 member states located on the African continent. · It was established on July 9, 2002, as the successor to the Organisation of African Unity (OAU), which was formed in 1963. The AU represents a modernized and expanded version of its predecessor. · The primary goal of the AU is to foster the development of an Integrated, Prosperous, and Peaceful Africa, with a particular emphasis on self-driven progress by African citizens. Key Objectives · Promoting peace, stability, and security across the continent. · Protecting and advancing human rights within African nations. · The headquarters of the African Union’s Secretariat is situated in Addis Ababa, Ethiopia. It serves as the administrative hub for AU operations, facilitating coordination among member states and overseeing the implementation of AU initiatives and policies.
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