Participants in the policy dialogue on the civic operational framework for the New African Financial Architecture for Development (NAFAD), Abidjan.4 May.
Philanthropic organisations, diaspora networks and civil society groups are expected to play a larger role in financing Africa’s development under a new initiative being advanced by the African Development Bank Group.
During a high-level policy dialogue held in Abidjan on May 4, leaders from the philanthropy sector, civic organisations and diaspora groups agreed to help shape the civic operational framework of the Bank’s New African Financial Architecture for Development (NAFAD).
The initiative is aimed at helping Africa respond to its estimated $400 billion annual development financing gap by mobilising domestic savings, diaspora remittances and philanthropic capital toward long-term development investments.
Under the proposed framework, philanthropic institutions are expected to move beyond traditional aid models and become active investment partners in sectors such as agriculture, community development and social welfare.
NAFAD Coordinator and Special Adviser to the President of the Bank Group, Didier Acouetey, said the initiative places people and community impact at the centre of financial decision-making.
“Whether it is a diaspora engineer mobilising capital for their home country or a private foundation directing endowments toward smallholder agriculture, NAFAD places human impact at the heart of every financial decision,” he said.
The framework, championed by African Development Bank President Sidi Ould Tah, seeks to mobilise Africa’s estimated $4 trillion in domestic savings alongside nearly $100 billion in annual diaspora remittances and growing philanthropic funding.
Participants at the dialogue said philanthropic organisations and community-based groups are critical because of their close connection to local populations and understanding of community needs.
Fatoumata Sidibé Diarra, co-founder of the Think Tank Manssah, said the initiative signaled a shift toward shared investment and ownership.
“Africa no longer requires new aid frameworks. It needs ownership structures that allow communities and philanthropists to invest sustainably in inclusive well-being,” she said.
The outcomes of the discussions will be presented later this month during the African Development Bank Group’s Annual Meetings in Brazzaville under a side event focusing on the role of civil society, diaspora communities, and philanthropy in accelerating NAFAD.
Bank officials say the initiative reflects growing calls for African-led financing models that give local communities and philanthropic actors greater influence in shaping the continent’s development priorities.
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