4 days Ago By Guardian Nigeria
First Bank of Nigeria Limited has announced its hosting of the first-ever China-Africa Interbank Association (CAIBA) Forum to strengthen economic ties and investments between China and Africa. The forum, themed ‘Joining Hands to Advance Modernisation and Strengthening China-Africa Trade, Industrialization and Economic Diversification’ will take place on 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, United Bank for Africa and Ecobank, FirstBank said in a statement.
The event is aimed at enhancing 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 industrialisation, 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, to foster win-win cooperation and promote 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. Speaking about the forum, the CEO of FirstBank Group, 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.”.
