Africa Club

Source-This post on Africa Club has been created based on the article “African leaders demand financial systems reform; launch ‘Africa Club’ at 37th African Union Summit″ published in “Down to Earth” on 27 February 2024.

Why in the news?

Recently, the Africa Club was launched at the 37th African Union Summit held in Addis Ababa, Ethiopia.

About Africa Club

1) About: It is an alliance of African Multilateral Financial Institutions (which are African-owned and controlled). It was launched at the 37th African Union Summit.

2) Aim: 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.

3) Objective: 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.

4) 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 and ZEP – RE (PTA Reinsurance Co) are members of African club.

About African Union:

1) About: The AU is an intergovernmental organisation of the 55 member states located on the continent of Africa.

2) Origin: It was founded on July 9, 2002. The grouping is the successor of the Organisation of African Unity (OAU), which was formed in 1963 (more on this later).

3) Aim: It seeks to build an Integrated, Prosperous and Peaceful Africa, driven by its own citizens.

4) Key objectives: 

a) It aims at promoting peace, stability, and security across the region.

b) It also aims to protect and promote human rights 

4) Secretariat: Addis Ababa

UPSC Syllabus: International organisation