The Chairperson of the African Union Commission, H.E. Mahmoud Ali Youssouf, received and held wide-ranging discussions with H.E. Makhtar Diop, Managing Director of @IFC_org of the @WorldBankGroup on deepening the strategic partnership between Africa and the World Bank in advancing the continent’s development priorities.
They discussed mobilising African capital, including funds managed by African pension and institutional funds, to invest more actively in African infrastructure, industries and transformative projects.
The Chairperson underscored the importance of accelerating intra-African trade and addressing persistent barriers to integration, including inadequate infrastructure, non-tariff barriers, regulatory fragmentation and constraints to the free movement of goods, capital and energy.
Particular emphasis was placed on strengthening Africa’s pharmaceutical and vaccine manufacturing capacity through the African Medicines Agency, harmonisation of regulatory standards and the creation of reliable continental markets for African-produced health products.
The meeting also highlighted the importance of Mission 300, regional energy markets and power pools, private-sector investment in transmission infrastructure, and the development of integrated transport, energy and financial corridors.
The Chairperson further stressed the need to accelerate the digital transformation of the African Union and to strengthen peace, security and political stability as essential foundations for investment and sustainable development.
The Chairperson & the IFC Managing Director reaffirmed their commitment to continued collaboration in support of an Africa that is more integrated, self-reliant, digitally connected and capable of financing its own development.
Distributed by APO Group on behalf of African Union (AU).
