Premier West African financial institution and financial inclusion service provider, FirstBank has disclosed that arrangements have been concluded to host the maiden China-Africa Interbank Association (CAIBA) Forum to strengthen economic ties and investments between China and Africa.
The forum with the theme: Joining Hands to Advance Modernisation and Strengthening China-Africa Trade, Industrialization and Economic Diversification, is scheduled for Wednesday, November 27, 2024, at the Fraiser Suites Abuja.
Established in 2018, CAIBA marked a significant milestone in fostering financial cooperation between China and Africa, comprising 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, RawBank with the aim to enhance partnerships in various spheres, such as infrastructure interconnection, international cooperation and cultural exchange.
This initiative was driven by the need to address the funding gap in Africa for industrialization, infrastructure, and poverty alleviation.
The CAIBA Forum which will be co-hosted by China Development Bank offers a unique opportunity for knowledge sharing, networking and deal making, for the purpose of fostering a win-win cooperation and promoting joint development among member-banks.
Formerly convened only in Beijing, the Forum will now provide a unique platform to spotlight Nigeria’s pivotal role in the growing China-Africa economic relationship as the host country.
Intrinsically woven into the fabric of the society and with its extensive network across Sub-Saharan Africa, UK, and China, FirstBank provides unparalleled access to markets, to facilitate trade and investment flows between China and Africa.
Additionally, FirstBank’s expertise in financial inclusion, trade finance, corporate and investment banking positions it as an ideal partner with China Development Bank with key strengths in inclusive and sustainable financial solutions in driving this important initiative to support Chinese and African businesses.
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Speaking about the forum, the CEO of FirstBank Group, Mr. Olusegun Alebiosu, said: “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.”
Participants will have the chance to engage with government officials, business leaders, and financial experts from both regions. Expected guest speakers include Vice President Kasim Shettima, Governor of the Central Bank of Nigeria (CBN), Minister of Trade, Industry & Investment, MD of China Development Bank, Federal Capital Territory (FCT) Minister, governors of Lagos, Kano and Anambra states; Ambassadors from CAIBA member countries, President and Chairman, Board of Directors, African Export–Import Bank, Representatives from the China-Africa Development Fund, industry leaders, policymakers and experts to explore opportunities for cooperation and mutual growth.
In addition, the CAIBA Forum will feature a plenary session which include Dr. Abiodun Adedipe-Founder & Chief Consultant, BAA Consult; David Ofosu-Dorte, Senior Partner, AB & David Africa; a Pan-African Law Firm, Ugo (UgoDre) Obi-Chukwu, Publisher Nairametrics; Wole Adeniyi- CEO, Stanbic IBTC; Bamidele Abu-CEO, ABSA Nigeria Capital Markets and Mrs. Kouassigan Dovi Eliane Khady – Head Financial Institutions West African Development Bank (BOAD).
Other activities lined up for the event include a trade exhibition, keynote speeches, as well as networking events that will explore the latest trends and opportunities in China-Africa cooperation.
Experts say the establishment of CAIBA remains a positive development that has the potential to significantly impact the economic landscape, actively shaping economic future and fostering partnerships that drive sustainable growth and prosperity of both China and Africa.
