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  • Context (DTE): The final leg of the 37th African Union Summit concluded recently with countries taking the initiative of forming the Africa Club.
  • Africa Club is an Alliance of African Multilateral Financial Institutions (which are African owned and controlled).
  • It 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 effort to address the specific needs of African countries.
  • Members: African Export Import Bank, Trade and Development Bank, Africa Finance Corporation, African Reinsurance Corporation, African Trade and Investment Development Insurance, Shelter Afrique Development Bank & ZEP–RE (PTA Reinsurance Co).
  • Agenda 2063 is Africa’s blueprint and master plan for transforming Africa into the global powerhouse of the future.
  • It encapsulates not only Africa’s Aspirations for the Future but also identifies key Flagship Programmes which can boost Africa’s economic growth and development and lead to the rapid transformation of the continent.

African Union

  • The African Union (AU) is a continental body consisting of the 55 member states that make up the countries of the African Continent.
  • It was officially launched in 2002 as a successor to the Organisation of African Unity (OAU, 1963-1999).
  • Headquarters: Addis Ababa, Ethiopia.
  • The AU is the most recent recipient of ‘full member status’ to the Group of 20 (G20).
  • The objectives of the AU are:
    • To achieve greater unity and solidarity between African countries and their people.
    • To defend the sovereignty, territorial integrity, and independence of its Member States.
    • To promote democratic principles and institutions, popular participation, & good governance.
    • To promote peace, security, and stability on the continent.
    • To accelerate the political & socio-economic integration of the continent.
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