At 39 â Summit of heads of state and government of the African Union on Sunday 15 Last February, the president of the institution, the Mauritanian Sidi Ould Tah, presented the New African Financial Architecture (NAFA) as a framework aimed at streamlining and strengthening development financing on the mainland.

The head of the ADB outlined a vision aimed at to correct the structural weaknesses of the current mobilization mechanisms resources, in a context marked by rising risks macroeconomic, debt pressure and the contraction of aid international.

The president of the ADB emphasized the structuring scope of Nafa: “Nafa is not a slogan. It is a deliberate reorganization of how Africa mobilizes, allocates and deploys its capital for development. A transition from fragmentation to coordination. Isolated transactions on a systemic scale. Of addiction to capital outside financial sovereignty,” he said. This approach aims to strengthen endogenous financial capacities, to better channel African savings and to support regional value chains competitive.

African leaders praised Dr. Ould Tah for his election as head of the main financial institution of continent, seeing it as a reflection of “its ability to guide the institution in continuation of the agenda of transformation and integration of Africa”.

The New African Financial Architecture Is wants above all an instrument of coordination. It aims to better articulate development banks, sovereign wealth funds, investors institutional and financial markets, in order to limit duplication, reduce financing costs and improve investment efficiency.