ACCRA, GHANA — Experts from the African Union Development Agency (AUDA-NEPAD) and top African financial institutions under the Alliance of African Multilateral Financial Institutions (AAMFI) — popularly known as The Africa Club — have begun a three-day high-level session to shape the African Union Development Fund (AUDF), a new financing vehicle for Africa’s long-term growth.
The proposed fund is envisioned as a transformative, Africa-led financing mechanism that will mobilise homegrown resources to drive Agenda 2063, the continent’s blueprint for inclusive and sustainable development. The meeting brings together policymakers, economists, and infrastructure experts to design investment priorities, co-financing frameworks, and governance structures for the fund.
The AUDF will initially support priority infrastructure projects across 13 African countries, including Angola, Kenya, Cameroon, Zambia, and the Democratic Republic of Congo, focusing on energy, transport, water, and digital connectivity. It also seeks to harmonise financing models under AAMFI to attract domestic and blended capital for development.
AUDA-NEPAD Chief Executive Officer, Nardos Bekele-Thomas, said the fund marks a major milestone in linking policy, finance, and development for Africa’s transformation. “Our collaboration with The Africa Club is proof that finance and development must move together. The AUDF will serve as the platform that unites these three pillars,” she stated.
Bekele-Thomas also noted that the initiative will set the stage for the upcoming Luanda Financing Summit for Africa’s Infrastructure Development (LFS) in late October, which will build on the 2023 Dakar Summit by mobilising private and public financing for cross-border infrastructure — including the Lobito Corridor and regional digital networks under the AfCFTA framework.
The Africa Club — comprising key players such as Afreximbank, Africa Finance Corporation, Trade and Development Bank, Shelter Afrique Development Bank, and the East African Development Bank — aims to reduce Africa’s dependency on external funding and strengthen financial sovereignty.
Once operational, the African Union Development Fund is expected to become the cornerstone of Africa’s economic independence, bridging the gap between vision and implementation, and turning Agenda 2063 from aspiration into measurable impact across the continent.
