The EU-funded programme of the European System of Central Banks (ESCB) to contribute to macroeconomic and financial stability in Africa has been extended by two years until December 2027 with an additional budget of €2 million.

The EU-funded ESCB programme includes topics such as climate change, digitalisation, artificial intelligence, and more traditional issues such as governance and anti-money laundering. Feedback and insights provided by the participating African central banks have highlighted the project’s substantial positive impact with regard to ongoing reform efforts within African central banks, and has deepened networking and coordination amongst African central banks as well as with the ESCB. 

While there are and have always been many bilateral activities between individual EU and African central banks, this EU-funded programme was the first to adopt a multilateral approach specifically to promote regional cooperation. It strengthens cooperation between European and African central banks, creating a collaborative peer-to-peer platform that benefits both continents. By moving beyond traditional bilateral engagements, this multilateral initiative facilitates the sharing of knowledge and resources to enhance Africa’s macroeconomic stability. Additionally, it supports reform efforts and enhances financial resilience, which promotes trade, investment, and growth. 

Launched in December 2023 as a pilot, this project is implemented by the Deutsche Bundesbank and the Banque de France as joint project leaders, in partnership with the Nationale Bank van België/Banque Nationale de Belgique, the Banco de España, the Banca d’Italia, Lietuvos bankas, the Banco de Portugal and Národná banka Slovenska. The European Central Bank is contributing to its implementation.

The newly extended programme will continue to benefit the National Bank of Angola, the Central Bank of West African States (BCEAO), the Bank of Central African States (BEAC), the Central Bank of Egypt (CBE), the Bank of Ghana, the Central Bank of Kenya, Bank Al-Maghrib (Central Bank of Morocco), the Bank of Mozambique, the Bank of Namibia, the South African Reserve Bank, the Bank of Tanzania and the Central Bank of Tunisia, covering a total of 24 African countries.

The extension of the project was announced during the 9th Programme Steering Committee meeting, which was hosted by the Central Bank of Egypt, and was attended by the Governor of the Central Bank of Egypt and the EU Ambassador to Egypt.

The Bundesbank and the Banque de France, as joint project leaders, underlined the significance of the EU-funded ESCB programme in enhancing Africa’s economic stability by promoting regional collaboration and empowering central banks to tackle key challenges jointly and based on shared experiences.