Corneille Karekeji, Group Managing Director and CEO of Africa Re, has been appointed Chairman of the African Alliance of Multilateral Financial Institutions Governing Councils (AAMFI), also known as the ‘Africa Club’.
This was announced at AAMFI’s 9th Board of Directors meeting, where he succeeded Samaira Zubair as President and CEO of African Finance Corporation (AFC).
In his remarks, Mr. Karekezi thanked members for the privilege and reiterated AAMFI’s vision to “promote sustainable economic development, deepen continental integration, and strengthen Africa’s financial sovereignty.”
Also read: Pensions as tax shields: How the new tax law will affect pension contributions
He highlighted the challenges: “Our infrastructure deficit is constraining growth and competitiveness. Our trade potential remains underutilized. Our economies are increasingly exposed to climate-related risks. And the cost of capital for African institutions and economies remains disproportionately high, especially as global economic conditions evolve.”
He also noted that these challenges reinforce the urgency to reposition Africa’s financial architecture and strengthen cooperation among our financial institutions. He urged members to prioritize collaboration, pool expertise, align strategies and deploy innovative financing solutions to address Africa’s development needs at scale.
He added: “This alliance is not meant to replace global partnerships; rather, it is about strengthening Africa’s voice and strengthening its bargaining position within it. It is about ensuring that Africa’s development priorities reflect African realities, are funded in line with Agenda 2063, and support long-term sustainability.”
Mr. Corneille Karekeji expressed his gratitude to the staff of the AAMFI Secretariat, led by Secretary General Babajide Sodipo, and gave insight into some concrete initiatives during his tenure.
As part of his responsibilities as AAMFI Chair, Corneille Karekeji, together with Secretariat staff, held bilateral meetings with the Executive Director of the United Nations Economic Commission for Africa (UNECA). African Union (AU) Commissioner for Economic Development, Tourism, Trade, Industry and Minerals (ETTIM);
Established in 2024 in collaboration with the African Union (AU) Commission, AAMFI will serve as a continental coordination platform that brings together African-owned multilateral development finance, trade finance, insurance and guarantee institutions.
With a combined balance sheet of more than $70 billion, AAMFI members are working together to strengthen Africa’s financial architecture, expand the continent’s voice in the global financial reform process, and scale up innovative financial solutions in line with Agenda 2063.
