In a pivotal and historic moment for Africa's development financing architecture, African Union leaders convened a High-Level Strategic Meeting in Luanda, Angola, to advance the roadmap for establishment of the African Union Development Fund AUDF. The meeting was chaired by H.E. President Joo Manuel Gonalves Loureno, President of the Republic of Angola and Chairperson of the African Union, bringing together the AUC, AUDA-NEPAD, and the Alliance of African Multilateral Financial Institutions AAMFI.
This strategic engagement marks a major step toward the realisation of the AU Assembly's Decision 818 February 2022, which mandated the creation of a dedicated, African-led financing mechanism to support the implementation of Agenda 2063. The Fund is intended to bridge the gap between Africa's development ambitions and the persistent financing shortfalls that continue to constrain progress across infrastructure, energy, agriculture, health, and industrialisation.
The strategic engagement was also an historic milestone, bringing together in a partnership framework, the political leadership of the African Union through the Chairperson of the Union the development arm of the Union, through AUDA NEPAD and the key financing stakeholders of the continent through AAMFI.
In his keynote remarks, President Loureno welcomed the participants and underlined the scale of Africa's challenge and opportunity:
"Despite Africa's substantial demographic growth and abundant human, mineral, water, forest, and other resources, we face fundamental challenges of peace, security, and-above all-economic and social development for the benefit of our peoples."