The African Development Bank is seeking stronger partnerships with Arab development finance institutions as it looks to narrow a widening funding gap facing African economies. The push was reinforced during high level engagements in Abidjan between AfDB leadership and members of the Arab Coordination Group, which includes major lenders such as the Arab Bank for Economic Development in Africa, the OPEC Fund for International Development and the Saudi Fund for Development, according to Reuters.
The renewed cooperation focuses on scaling up co financing for large regional projects rather than fragmented country level funding. AfDB officials said the partnership would prioritise infrastructure, energy access, industrialisation, climate adaptation and job creation, with a coordination framework designed to align financing strategies and crowd in private capital, as reported by Reuters.
The initiative comes at a time when Africa’s development financing needs are rising while contributions from some traditional Western partners have softened. AfDB President Sidi Ould Tah has repeatedly noted that the continent faces an annual funding shortfall running into hundreds of billions of dollars, making diversified and long term funding sources increasingly critical, according to comments cited by AllAfrica.
Analysts say deeper engagement with Arab funders could unlock more predictable and patient capital for Africa’s growth agenda, while also strengthening South South cooperation. The AfDB believes the expanded partnership will support economic resilience and accelerate delivery of transformative projects across the continent in the coming years, financial times noted.
