Aldossari: BADEA strategy update to reflect Africa’s needs

The Arab Bank for Economic Development in Africa (BADEA) is gearing up to revamp its investment strategy in Africa this year, focusing on innovation to align with the continent's requirements. Fahad Aldossari, Chairman of the Board, shared insights with CNBC Africa during the bank's 50th-anniversary celebration in Ghana, emphasizing BADEA's commitment to catering to Africa's needs. Since its inception 50 years ago, BADEA has played a pivotal role in various projects in Africa, channeling a total of 13 billion US dollars into the continent. Notably, the bank has financed the development of 39 airports over the past five decades, showcasing its substantial impact on infrastructure development. Moreover, the launch of the Arab Africa Financial Institutions Consortium underscores BADEA's collaborative approach to addressing financial challenges across the region. Aldossari highlighted the importance of working closely with African partners, including financial institutions, to enhance the effectiveness of funding initiatives. The Arab Coordination Group's commitment of 50 billion US dollars in development funds for Africa demonstrates the collective effort to drive impactful projects in collaboration with African entities. BADEA's focus on diversifying operations to include support for the private sector, trade finance, and small and medium enterprises reflects its evolution towards addressing emerging needs in Africa. Aldossari pointed out the growing importance of renewable energy, climate change adaptation, and food security in the region, signaling BADEA's strategic shift to stay abreast of evolving dynamics. The bank's forthcoming updated five-year strategy aims to introduce innovative products tailored to African countries' requirements, aligning with the changing landscape of the continent. By regularly reviewing and adapting its strategy to meet Africa's evolving needs, BADEA demonstrates a commitment to sustainable development and inclusive growth. The successful inaugural euro issuance earlier this year, oversubscribed three times, signifies investors' trust in BADEA's liquidity strength and credibility. Looking ahead, BADEA plans to continue issuing bonds as part of its efforts to provide essential capital to Africa while maintaining a robust liquidity base. Collaborating closely with the Arab Coordination Group and African financial institutions, BADEA seeks to foster innovation in financial products and expand its presence in more sub-Saharan African countries. By leveraging partnerships and embracing innovative approaches, BADEA aims to play a key role in driving economic development and prosperity across the African continent.