ACCRA, July 21 -- The African Union (AU) and the Arab Bank for Economic Development in Africa (BADEA) on Sunday launched the Arab-Africa Financial Consortium (AAFC) to boost financing in developing the continent on the sidelines of the ongoing 6th AU Mid-Year Coordination Meeting in Accra, the capital of Ghana.

Ghanaian President Nana Addo Dankwa Akufo-Addo said during the launching ceremony that a strong partnership between Africa and the Arab world is a step in the right direction to propel development through synergies.

"We face complex and multifaceted challenges today, from economic uncertainties and geopolitical tensions to the impacts of climate change. We need such strong partnerships to leverage our collective strengths to surmount these challenges," Akufo-Addo said.

He lauded BADEA for its support for Africa's development over the past 50 years and for its strong agility and responsiveness to meet development challenges on the continent.

"Let us build on the successes of the past and work together to address the challenges of the future. Let us strive to create a more prosperous, inclusive, and sustainable future for all our peoples," the Ghanaian president urged.

Fahad Aldossari, chairman of BADEA's Board of Directors, pledged that AAFC would work hard within its mandate to promote Africa's rapid development over the next 50 years.

"BADEA will spare no effort in ensuring this consortium succeeds in realizing the vision of Arab-African financial institution collaboration and coordination for leveraging resources for the continent," added Aldossari.

  - Xinhua