About Africa Club:
- What it is? It is the Alliance of African Multilateral Financial Institutions (which are African-owned and controlled) launched at the African Union summit.
- The initiative aims to amplify Africa's influence in the global financial system by aligning its functions with the SDGs and the African Union's Agenda 2063.
- It seeks to introduce innovative financial instruments, provide a venue for debt management discussions and foster collaborative efforts to address the specific needs of African countries.
- Its members include the African Export-Import Bank, Trade and Development Bank, Africa Finance Corporation, African Reinsurance Corporation, African Trade and Investment Development Insurance, Shelter Afrique Development Bank and ZEP – RE (PTA Reinsurance Co).
Key facts about the African Union:
- The AU is an intergovernmental organization consisting of the 55 member states that make up the countries of the African Continent.
- Basically, it is a continental union with a wide range of goals aimed at strengthening its member states both individually and collectively.
- It was officially launched in 2002 as a successor to the Organisation of African Unity (OAU, 1963-1999).
- Headquarters: Addis Ababa, Ethiopia.
