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37th African Union Summit

37th African Union Summit:

At the 37th African Union Summit member countries took the initiative of forming Africa Club.

  • Africa Club is the Alliance of African Multilateral Financial Institutions which are African-owned and controlled is 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).

African Union:

  • The AU is an intergovernmental organization consisting of the 55 member states that make up the countries of the African Continent.