BADEA: Africa’s infrastructure needs synergy from institutions

For Africa to witness an improvement in its infrastructure development drive, there is a need for all institutions to work together. That’s according to Sidi Tah, the Managing Director of the Arab Bank for Economic Development in Africa. He spoke to CNBC Africa’s Kenneth Igbomor about on-going plans by the bank to promote inter-trade relations with Arab nations.

Tue, 05 Apr 2022 11:50:32 GMT

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AI Generated Summary

Collaboration and synergy among financial institutions are crucial for addressing Africa's infrastructure development needs effectively.
BADEA's strategic focus on key sectors like infrastructure, agriculture, private sector, and trade aims to promote sustainable development and economic growth in Africa, with a special emphasis on supporting youth and women.
The bank's ambitious targets include increasing trade between the Arab and African regions, boosting foreign direct investment in sub-Saharan Africa, and supporting the implementation of the AfCFTA to enhance trade facilitation on the continent.

Africa's infrastructure development drive has long been a critical focus for many institutions looking to facilitate growth and development across the continent. In a recent interview with CNBC Africa, Sidi Tah, the Managing Director of the Arab Bank for Economic Development in Africa (BADEA), highlighted the importance of collaboration and synergy among institutions to drive progress in infrastructure development. Tah emphasized the need for all financial institutions to work together to address Africa's infrastructure needs effectively. He discussed ongoing plans by BADEA to promote inter-trade relations with Arab nations, underscoring the bank's strategic focus on key sectors such as infrastructure, agricultural value chains, private sector and trade, and entrepreneurship, with a special emphasis on supporting youth and women in these areas. BADEA's commitment to aligning its strategy with the Sustainable Development Goals (SDGs) and the African Union's Agenda 2063 reflects its dedication to driving sustainable development and economic growth on the continent. As the bank celebrates its 48th year, Tah reflected on the progress made in mobilizing resources for Africa, with over $35 billion in development finance secured over the years. Looking ahead, BADEA is working towards scaling up its interventions and involving the private sector and sovereign funds to invest in Africa, particularly in the infrastructure sector. Tah outlined ambitious targets for the bank, including increasing trade between the Arab and African regions and boosting foreign direct investment from the Arab region to sub-Saharan Africa to support infrastructure and value chain projects. Additionally, BADEA is actively collaborating with African authorities and stakeholders to support the implementation of the African Continental Free Trade Agreement (AfCFTA) and enhance trade facilitation on the continent. The bank's focus on economic, financial, and technical cooperation has yielded positive results, with successful projects and initiatives supporting economic and social development in various African countries. In Nigeria, BADEA is poised to play a significant role in supporting major infrastructure projects, with discussions underway with the Africa Finance Corporation (AFC) to jointly fund key initiatives. The bank's strategic partnerships and commitment to promoting sustainable development are set to drive positive change and facilitate infrastructure development across Africa, positioning BADEA as a key player in the continent's economic transformation.