Africa Club

29.02.2024

Africa Club , Daily Current Affairs , RACE IAS : Best IAS Coaching in Lucknow

   Why in the news?

Recently, at the 37th African Union Summit member countries took the initiative of forming the Africa Club.

About Africa Club:

•  It is the Alliance of African Multilateral Financial Institutions (which are African-owned and controlled) launched at the African Union summit.
• The initiative 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.
• It seeks to introduce innovative financial instruments, provide a venue for debt management discussions and foster collaborative efforts to address the specific needs of African countries.
• Its members include the 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).

Key facts about the African Union:

• The AU is an intergovernmental organization consisting of the 55 member states that make up the countries of the African Continent.
• Basically, it is a continental union with a wide range of goals aimed at strengthening its member states both individually and collectively.
• It was officially launched in 2002 as a successor to the Organisation of African Unity (OAU, 1963-1999).
• Headquarters: Addis Ababa, Ethiopia.

                                                 Source: Down to earth