The African Development Bank and the Africa Social Security Association (ASSA) have signed a letter of intent to strengthen collaboration on Africa’s long-term development financing priorities, The agreement was finalized at the ongoing African Development Bank Group’s Annual Meetings in Brazzaville.
Ahmed Attout, Director for Financial Sector Development at the African Development Bank signed on the institution’s behalf on 28 May 2026; Meshach Bandawe, ASSA’s Secretary General, was the other signatory.
ASSA is a Continental Association and African Countries membership-based organization established by Pension Funds and Social Security Institutions in Africa, working together to advance social protection systems across Africa by fostering collaboration, promoting best practice, and strengthening institutional capacity among social security organizations.
Secretary General Bandawe said: “This Letter of Intent marks a significant milestone in advancing Africa’s Social Protection and Development agenda. Through the partnership with the African Development Bank, ASSA and its member institutions are committed to transforming social security and pension funds into strategic instruments for sustainable development, infrastructure financing and regional economic integration. Together we aim to strengthen institutional capacity, promote sound governance and investment frameworks, and unlock Africa’s domestic capital for the benefit of improving sustainability of Pension Funds in Africa to meet its long-term obligations and also contribute to the social and economical development in African countries and hence improve the quality of life of the people in the continent to compliment with Africa Union Social Agenda 2063.”
Aligned with the New African Financial Architecture for Development (NAFAD) as endorsed under the Abidjan Consensus, the partnership will support mobilisation of long-term domestic capital, strengthening of regional financial integration, and supporting the development of stronger institutional investment ecosystems across Africa. The two institutions will also cooperate on knowledge sharing, advocacy, ASSA membership growth in Africa and technical assistance.
“This partnership reflects a shared ambition under the Abidjan Consensus and NAFAD to strengthen Africa’s financial resilience by mobilising long-term domestic capital more effectively. Social security and pension institutions are critical actors in deepening local capital markets and supporting strategic investments across the continent.
Through stronger collaboration on ASSA membership growth, technical assistance, knowledge sharing, and scalable investment opportunities, this initiative can help advance regional financial integration, strengthen risk-sharing mechanisms, and contribute to a more resilient African development financing architecture,” said Director Attout.