African deposit and investment funds have endorsed the African Development Bank (AfDB) initiative to reform the continent’s financial architecture and reduce reliance on external financing.
The endorsement was made during a session of the African Forum of Deposit Funds on the sidelines of the 2026 AfDB Annual Meetings in Brazzaville.
The session discussed the role of institutional investors in the New African Financial Architecture for Development (NAFAD), an initiative led by AfDB President Sidi Ould Tah.
Ms. Assoumane Mourjatou, Managing Director of the Niger Deposit and Investment Fund, said the initiative would strengthen Africa’s development financing mechanisms.
She explained that NAFAD aims to improve domestic resource mobilization, encourage greater participation of institutional investors, and lessen dependence on foreign funds.
“I welcome the AfDB’s effort to strengthen African development financing through better mobilization of domestic resources,” Mourjatou stated.
She added that the initiative would enable African countries to access larger pools of capital to tackle pressing development issues.
NAFAD was adopted by African financial institutions via the Abidjan Consensus in April and later endorsed by African leaders during the African Union summit in Addis Ababa.
The initiative seeks to mobilize Africa’s domestic financial resources, channel them into transformative projects, strengthen financial institutions, and reduce fragmentation across the continent’s financial ecosystem.
The AfDB estimates Africa’s annual development financing gap at over $400 billion.
Meanwhile, Africa holds about $4 trillion in managed savings through pension funds, sovereign wealth funds, insurance companies, and other domestic institutions.
Ms. Angélique Bouka, Deputy Managing Director of the Deposit and Consignment Fund in Gabon, emphasized that deposit funds are vital in converting idle savings into productive investments.
“A country’s sovereignty starts with mobilizing its own savings for priority investments,” she said.
Mr. Mehdi Bouriss, Managing Director of CDG Capital, noted that deposit funds often support sectors overlooked by conventional financiers.
He highlighted that these institutions finance local authorities and strategic sectors struggling to attract private capital.
Mr. Mohamed Salem, Director of Financial Management Control at Tunisia’s Deposit and Consignment Fund, mentioned ongoing efforts to mobilize savings from the African diaspora.
He noted that diaspora resources could fund projects promoting economic transformation and sustainable growth.
Participants emphasized the importance of strong legal and regulatory frameworks to enable deposit funds to operate effectively and independently.
They also called for safeguards against political interference and investment risks.
The forum attracted representatives from several African countries interested in establishing deposit funds and learning from existing models.
It provided a platform for sharing experiences and best practices among deposit, investment, and asset management institutions.
Adama Mariko, Executive Director for Mobilization, Partnerships, and Communication at the French Development Agency, moderated the discussion.
The AfDB Annual Meetings, which began on May 25, concluded on May 29.
