How development partners are driving Africa’s development

Africa's development partners are taking steps towards integrating the continent's markets to harness its growth potential, according to Hani Salem Sonbol, the Chief Executive Officer at the International Islamic Trade Finance Corporation. In an exclusive interview with CNBC Africa's Kenneth Igbomor during the annual meetings of Afreximbank, Sonbol emphasized the importance of unlocking Africa's untapped potential and adding value to the continent. He highlighted the need for strategic tools and solutions to drive Africa's transformation and ensure a brighter future. As a key player in Africa's development, Sonbol highlighted the commitment of the Islamic Development Bank Group to Africa, with two-thirds of its member countries located on the continent. The focus is on enhancing intra-trade, promoting investments, and supporting industrialization to benefit African populations. Notably, the corporation has provided over $25 billion in trade financing and $1.3 billion in investments in Africa, demonstrating its dedication to the continent's development. Sonbol underscored the significance of collaboration with initiatives like the CFDA and emphasized the importance of readiness and willingness among countries to embrace integration for mutual growth. Moving forward, institutions like AfriExim Bank, IDB Group, ITFC, and ICD are poised to deliver solutions that foster integration and drive Africa's development. The partnership between Africa and the Caribbeans is also gaining momentum, with a focus on enhancing intra-investment and intra-trade to leverage the available potentials on both sides. By drawing on past experiences and lessons learned, the collaboration aims to connect African countries with the global market and the Caribbeans, paving the way for shared prosperity. Sonbol acknowledged the role of key partners such as Africa Ex-Im Bank and highlighted the willingness of both regions to work together towards achieving common goals. In addressing the urgency of meeting the Sustainable Development Goals (SDGs), Sonbol stressed the importance of resilience and preparedness to navigate future challenges effectively. He emphasized the need for institutions to provide sustainable development while urging countries to enhance their resilience to crises. Sonbol commended the unity and determination of African nations to drive integration and emphasized the need for collective efforts to realize the continent's transformative potential. With a focus on speed and scale, Sonbol called for proactive measures to fast-track development initiatives and ensure sustained progress towards a prosperous future for Africa.