The debate focused on the idea of creating an African Development Fund, a decision by the African Union taken in 2022.
The discussions focused on the mechanisms for operationalizing the intended Fund, with several examples of financing earmarked for the development of the continent and implemented by African credit institutions, such as the AfDB and Afreximbank, being mentioned.
According to a statement from the Presidency of the Republic of Angola, the African Union Development Agency (AUDA-NEPAD) played an active role in mobilizing African financial institutions that were in Luanda to work with the President of the African Union.
João Lourenço explained that the agency was mandated to lead the creation of the African Union Agenda 2063 Development Fund, with a view to mobilizing financial resources, both public and private, to support development efforts in Africa.
He explained that "the absence or fragility of infrastructures constitutes one of the greatest obstacles to progress on the African continent", noting that the meeting held this Tuesday in Luanda "represents a clear sign that Africa is ready to take control of its destiny through African solutions to the continent's challenges."
The President also announced that the 3rd Summit on Infrastructure Financing in Africa will be organised, which will take place next October in Luanda.
