Africa Club Launched at the 37th African Union Summit 2024

• It is  Africa’s blueprint and master plan for transforming Africa into the global powerhouse of the future.
• It is a concrete manifestation of the pan-African drive for unity, self-determination, freedom, progress and collective prosperity pursued under Pan-Africanism and African Renaissance

• Launched in the 37th summit meeting of the African Union 2024.
• Members: It includes the African Export-Import Bank, Trade and Development Bank, Africa Finance Corporation, African Reinsurance Corporation, African Trade and Investment Development Insurance, Shelter Afrique Development Bank and ZEPRE (PTA Reinsurance Co). 
• Purpose: To amplify Africa’s influence in the global financial system by aligning its functions with the SDGs and the African Union’s Agenda 2063.
• Objective: It will introduce innovative financial instruments, provide a venue for debt management discussions and foster collaborative efforts to address the specific needs of African countries.

African Union

• It is a continental body consisting of the countries of the African Continent. 
• Founded: It was officially launched in 2002 as a successor to the Organisation of African Unity in Durban, South Africa.
• Member states: 55 nations of the African Continent
• Focus: It is to increase cooperation and integration of African states to drive Africa’s growth and economic development.
• Vision: An Integrated, Prosperous and Peaceful Africa, driven by its own citizens and representing a dynamic force in the global arena.
• Principal Organs:  The Assembly of Heads of State and Government, the Executive Council, the Permanent Representatives Committee (PRC), the Peace and Security Council and The African Union Commission,  Pan-African Parliament and the Economic, Social & Cultural Council (ECOSOCC).
• In News: The African Union is the most recent addition in the G-20 group.