Staff Reporter
SADC and the Arab Bank for Economic Development in Africa (BADEA) have committed to deepen their cooperation and enhance investment in critical infrastructure projects across the region.
This commitment was solidified at the SADC-BADEA Investment Forum held in Harare today, where key stakeholders from Government, development finance institutions, the private sector, and international organisations gathered to discuss avenues for collaboration.
Addressing the forum, Minister of Foreign Affairs and International Trade, Frederick Shava, who also serves as the Chair of the SADC Council of Ministers, emphasised the importance of this partnership in achieving regional integration and economic development.
Minister Shava highlighted the significance of the Memorandum of Understanding (MoU), between SADC and BADEA, describing it as a "milestone" that will transform the cooperation between the two entities.
"We are extremely delighted with this opportunity to strengthen and deepen our cooperation towards supporting the implementation of regional integration. The milestone of our historic Memorandum of Understanding is indeed instrumental in transforming our cooperation and partnership," said Minister Shava.
Minister Shava underscored the critical need for financing and investments in infrastructure development, particularly in energy, water, and transportation.
He pointed out that BADEA's development and financing programs are well-aligned with these priorities, creating a conducive environment for enhanced collaboration.
"Through our cooperation with BADEA, we see an opportunity for enhanced collaboration as most of BADEA’s development and financing programmes are orientated on infrastructure aimed at creating a more sustainable investment environment in African countries," he noted.
The forum also served as a platform for the private sector to engage in the regional integration agenda.
Exhibitions and business interactions provided valuable opportunities for networking and exchange of information on investment opportunities, which Minister Shava believes will be instrumental in facilitating private sector development in the SADC region.
The Minister reiterated the region's commitment to attracting and retaining Foreign Direct Investment (FDI), which is crucial for job creation and socioeconomic development.
"We wish to call upon potential investors to make the SADC region their investment destination of choice. Employment and job creation are at the core of our economic policies, as they provide the necessary avenue for socioeconomic development and enhance the livelihood of our people,” said Minister Shava.
As part of the on-going efforts to secure sustainable financing, Minister Shava also highlighted SADC's work with the African Development Bank to operationalize the SADC Regional Development Fund (RDF).
The RDF is expected to mobilise resources to support the implementation of regional programs, further advancing the goals of regional integration.
BADEA President, Dr Sidi Ould Tah echoed Minister Shava's sentiments, expressing BADEA's eagerness to support projects that align with SADC's strategic goals.
"We are committed to identifying and supporting projects that align with SADC’s strategic goals and that will have a transformative impact on the region. Our partnership is more than just financial support; it is a shared vision of prosperity, resilience, and sustainability. We believe that by working together, we can overcome the challenges facing the SADC region and unlock new opportunities for growth and development," said Dr Tah.
The SADC-BADEA Investment Forum marks a significant step forward in the collaboration between SADC and BADEA, setting the stage for a future of enhanced partnerships and sustained economic growth in the region.
