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African regional blocs have thrown their collective weight behind the New African Financial Architecture (NAFA), a home-grown framework designed to mobilise domestic capital, strengthen financial sovereignty, and close the continent’s persistent development financing gap.
The landmark commitment emerged from a high-level working session convened by Dr Sidi Ould Tah, President of the African Development Bank Group, on 15 February during the 39th African Union (AU) Summit in Addis Ababa.
Who Was in the Room
The session brought together Chief Executive Officers from all AU-recognised Regional Economic Communities (RECs) :
- Arab Maghreb Union (UMA)
- Common Market for Eastern and Southern Africa (COMESA)
- Community of Sahel-Saharan States (CEN-SAD)
- Economic Community of Central African States (ECCAS)
- Economic Community of West African States (ECOWAS)
- Intergovernmental Authority on Development (IGAD)
- Southern Africa Development Community (SADC)
Also present was Wamkele Mene, Secretary General of the African Continental Free Trade Area (AfCFTA) Secretariat.
NAFA: A Blueprint for Economic Transformation
In his opening remarks, Dr Ould Tah stressed the urgency of moving beyond fragmented financial systems toward a coordinated architecture that unlocks Africa’s capital power.
“NAFA is not just a financial plan. It is a blueprint for Africa’s economic transformation. It points to a future where Africa finances its development on its terms, through collaboration, coherence, and leadership,” Dr Ould Tah said.
As a vital pillar of his “Four Cardinal Points” strategic vision, NAFA serves as the primary engine for reforming Africa’s financial systems and amplifying the continent’s unified voice in global financial discussions.
What Regional Leaders Endorsed
Regional leaders welcomed the NAFA initiative and shared concrete actions their communities are undertaking to scale up investment in:
- Cross-border infrastructure
- Industrialisation
- Private sector development
They also highlighted the importance of:
- Co-financing platforms to pool resources
- Regional implementation capacity to deliver at scale
- Guarantees to de-risk investment pipelines
Curbing Illicit Financial Flows
A critical theme emerging from the discussions was the need to curb illicit financial flows, which continue to undermine fiscal sustainability and domestic resource mobilisation across the continent. Leaders recognised that strengthening financial governance is essential if Africa is to finance its own development.
Calls for Deeper Coordination
Francisca Belobe, African Union Commissioner for Economic Development, Trade, Tourism, Industry and Minerals, emphasised the urgency of structural reforms and closer coordination:
“There is too much fragmentation in our financial and economic efforts. This fragmentation weakens scale, visibility, and collective impact across the continent. We need a more integrated and coordinated approach, driven by Africa’s own institutions.”
She urged RECs to play a leading role in identifying and supporting African corporate champions:
“RECs must help position African enterprises at the centre of Africa’s investment and growth opportunities. This approach is essential to anchor industrialisation, strengthen regional value chains, and ensure that Africa’s development is driven by African-led economic actors.”
AfCFTA: NAFA as an Accelerator
Wamkele Mene, AfCFTA Secretary General, welcomed NAFA as a timely accelerator for Africa’s industrialisation and trade agenda. He underscored the importance of addressing the continent’s infrastructure deficit and leveraging its critical minerals to support regional value chains and sustainable industrial growth.
RECs as the Wheels of Integration
Chileshe Kapwepwe, Secretary General of COMESA, articulated the essential role of Regional Economic Communities:
“RECs must provide the wheels of integration that NAFA requires to originate and package cross-border projects into investable pipelines and foster effective regional cooperation.”
She called for greater investment in market research, policy harmonisation, and skills audits:
“We need to spend more time, effort and resources on market research so that we can clearly identify gaps, then support policy harmonisation and conduct critical skills audits which would inform targeted training, including in new technologies such as AI.”
The Path Forward
The high-level session concluded with a shared commitment to bridging the gap between regional policy and economic impact through three key pillars:
- Deepening coordination among the African Development Bank Group, RECs, and African financial institutions
- Ensuring strategic alignment of flagship regional projects with NAFA investment priorities
- Promoting accountable impact, ensuring results are measurable, inclusive, and transformational
What Happens Next
The African Development Bank Group will consolidate the outcomes of the session into an implementation roadmap and maintain sustained, high-level engagement with key partners to translate Africa’s Agenda 2063 into concrete, large-scale results.
This strategic roundtable positions NAFA as a central platform for mobilising Africa’s wealth more effectively, rapidly, and at scale to support the continent’s development ambitions.
