From vision to capital: African blocs align to close the continent’s financing gap
Participants also stressed the urgency of tackling illicit financial flows, which they said continue to undermine fiscal stability, governance and domestic resource mobilisation
KAMPALA, February 17, 2026 — African regional blocs have thrown their weight behind a new continent-wide financial reform agenda aimed at closing Africa’s vast development funding gap and mobilising domestic capital at scale.
The President of the African Development Bank Group, Dr Sidi Ould Tah, convened a high-level working session with heads of Africa’s Regional Economic Communities [RECs] on February 15th, on the margins of the 39th African Union Summit in Addis Ababa, Ethiopia.
The talks centred on the New African Financial Architecture [NAFA], a continent-led framework designed to mobilise large-scale domestic resources, strengthen financial sovereignty and address persistent shortfalls in development finance.
Chief executives from the AU-recognised RECs attended, including representatives of the Arab Maghreb Union, Common Market for Eastern and Southern Africa, Community of Sahel-Saharan States, Economic Community of Central African States, Economic Community of West African States, Intergovernmental Authority on Development and the Southern African Development Community. The Secretary-General of the African Continental Free Trade Area Secretariat was also present.
Opening the session, Ould Tah said Africa must move beyond fragmented financial systems towards a more co-ordinated architecture capable of unlocking domestic capital, supporting youth employment and scaling transformative infrastructure and industrialisation.
“NAFA is not just a financial plan. It is a blueprint for Africa’s economic transformation,” he said. “It points to a future where Africa finances its development on its terms, through collaboration, coherence and leadership.”
The initiative forms a central pillar of Ould Tah’s “Four Cardinal Points” strategy and is intended to reform Africa’s financial systems while strengthening the continent’s collective voice in global financial forums.
Regional leaders welcomed the proposal and outlined measures under way to boost cross-border infrastructure investment, industrial development and private sector growth. They highlighted the need for co-financing platforms, stronger regional implementation capacity and guarantee mechanisms to de-risk investment pipelines.
Participants also stressed the urgency of tackling illicit financial flows, which they said continue to undermine fiscal stability, governance and domestic resource mobilisation.
Francisca Belobe, the AU Commissioner for Economic Development, Trade, Tourism, Industry and Minerals, warned that fragmented economic and financial initiatives were weakening Africa’s impact.
“There is too much fragmentation in our financial and economic efforts,” she said, calling for a more integrated and co-ordinated approach driven by African institutions to deliver measurable development outcomes.
She urged RECs to identify and back African corporate champions, arguing that regional bodies must help position African enterprises at the centre of investment and growth opportunities to anchor industrialisation and strengthen regional value chains.
Wamkele Mene, Secretary-General of the AfCFTA Secretariat, described NAFA as a timely catalyst for industrialisation and implementation of the continental free trade area. He underlined the need to address infrastructure deficits and leverage Africa’s critical minerals to support regional value chains and sustainable industrial growth.
Chileshe Kapwepwe, Secretary-General of the Common Market for Eastern and Southern Africa, said RECs must provide “the wheels of integration” required to originate and package cross-border projects into bankable pipelines. She also called for greater investment in market research, policy harmonisation and skills audits, including training in emerging technologies such as artificial intelligence.
The meeting concluded with agreement on three priorities: deepening co-ordination between the Bank Group, RECs and African financial institutions; aligning flagship regional projects with NAFA investment goals; and strengthening accountability to ensure measurable and inclusive results.
The roundtable positions NAFA as a central platform for mobilising Africa’s capital more effectively and at scale, with the African Development Bank Group expected to develop an implementation roadmap and maintain high-level engagement with partners to advance the continent’s long-term development agenda.
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