Africa Meets to Establish Sovereign Financing Mechanism in Support of Agenda 2063

Leaders of the African Union (AU) recently convened in Luanda, Angola, to deliberate on the establishment of the African Union Development Fund (AUDF) a sovereign financing mechanism aimed at supporting Agenda 2063 and reducing dependence on external funding.

In a statement, Ms. Nardos Bekele-Thomas, Chief Executive Officer of the African Union Development Agency (AUDA-NEPAD), highlighted that the AUDF seeks to consolidate existing funding instruments into a unified platform for development financing.

The initiative follows AU Assembly Decision 818, which called for a dedicated African-led funding source.

Leaders agreed that the AUDF will prioritize high-impact infrastructure projects across the continent. The fund is expected to be officially launched during the upcoming 36th Ordinary Session of the Assembly of Heads of State and Government of the African Union.

The meeting, chaired by Angolan President João Manuel Gonçalves Lourenço, included representatives from the African Union Commission (AUC), AUDA-NEPAD, and the Alliance of African Multilateral Financial Institutions (AAMFI).