Africa Club | African Union

• Context (DTE): The final leg of the 37^th 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).

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.