To boost trade and investment between China and Africa, FirstBank has announced that it will hold the first-ever China-Africa Interbank Association (CAIBA) Forum.
The event will be held in the Fraiser Suites Abuja on November 27, 2024, with the topic “Joining Hands to Advance Modernisation and Strengthening China-Africa Trade, Industrialisation, and Economic Diversification.”
With 16 African banks, including FirstBank and China Development Bank (CDB), as well as ABSA Bank, West African Development Bank, Central African States Development Bank, Eastern and Southern African Trade and Development Bank, Development Bank of South Africa, Ecobank, United Bank for Africa, and RawBank, CAIBA was established in 2018 and represents a significant milestone in promoting financial cooperation between China and Africa. Its goal is to strengthen partnerships in several areas, including infrastructure interconnection, international cooperation, and cultural exchange.
BrandSpur banking and finance news report that the need to close the financial gap in Africa for infrastructure, industrialisation, and poverty reduction served as the impetus for this project.
The China Development Bank will co-host the CAIBA Forum, which provides a unique opportunity for networking, knowledge sharing, and deal-making to promote mutual development and win-win cooperation among member banks. The Forum, which was previously held exclusively in Beijing, will now offer a special venue to highlight Nigeria’s crucial contribution to the expanding economic ties between China and Africa as the host nation.
FirstBank is deeply ingrained in the community and, because of its wide-ranging network in China, the UK, and Sub-Saharan Africa, offers unmatched market access to promote investment and trade between China and Africa. Furthermore, FirstBank’s proficiency in corporate and investment banking, trade finance, and financial inclusion makes it a perfect partner for China Development Bank, which is spearheading this significant endeavour to assist Chinese and African enterprises. FirstBank’s strengths lie in providing inclusive and sustainable financial solutions.
Regarding the forum, Mr. Olusegun Alebiosu, CEO of FirstBank Group, stated: “We are honoured to host this pivotal event that fosters dialogue and collaboration between Chinese and African financial institutions. This forum reinforces our commitment to bridging the gap between Africa and China, catalyzing economic growth and development. The selection of FirstBank as the host is a testament to our rich legacy, deep expertise in African markets, and an impressive 130-year history of empowering businesses and communities to thrive. We are proud to support the continent’s economic transformation and growth and remain dedicated to exploring the partnership opportunities this forum will bring for the mutual benefit of China and Africa.”
The opportunity to interact with company executives, government representatives, and financial specialists from both areas will be provided to participants. A number of industry leaders, policymakers, and experts are expected to attend, including His Excellency the Vice President of the Federal Republic of Nigeria, the Governor of the Central Bank of Nigeria, the Minister of Trade, Industry & Investment, the MD of China Development Bank, the Federal Capital Territory (FCT) Minister, the Governors of Lagos, Kano, and Anambra States; ambassadors from CAIBA member nations; the President and Chairman of the Board of Directors of the African Export-Import Bank; representatives from the China-Africa Development Fund, and much more.
David Ofosu-Dorte, Senior Partner, AB & David Africa, A Pan-African Law Firm, Ugo (UgoDre), and Dr. Abiodun Adedipe, Founder & Chief Consultant BAA Consult, will also participate in a plenary session at the CAIBA Forum. Wole Adeniyi, CEO of Stanbic IBTC; Bamidele Abu, CEO of ABSA Nigeria Capital Markets; Obi-Chukwu, Publisher of Nairametrics; and Mrs. Kouassigan Dovi Eliane Khady, Head of Financial Institutions of the West African Development Bank (BOAD).
A trade show, keynote addresses, and networking events that will examine the newest developments and prospects in China-Africa collaboration are among the other fascinating lineups.
The creation of CAIBA is a constructive step that might have a big influence on the economy, actively influencing the future and creating alliances that promote the long-term prosperity and sustainable growth of both China and Africa.
