Addis Ababa: The President of the Presidential Council, ‘Mohamed Al-Manfi,’ participated today, Saturday, in the presidential summit called for by the President of the Republic of Ghana regarding the establishment of financial institutions for the African Union.
Al-Mnifi explained, according to the Council’s Media Office, during his speech at the summit that Article 19 of the Constitutive Law of the African Union stipulated the establishment of three African financial institutions, and that the 2005 Abuja Summit issued a decision to settle these institutions. This was followed by agreements at the regional level that Libya will be the headquarters of the African Investment Bank, Nigeria will be the headquarters of the African Central Bank, and Cameroon will be the headquarters of the African Monetary Fund.
The President stressed that Libya has taken executive measures to establish the bank at the infrastructure level, supporting the steps taken by President Nana Akufo-Addo to accelerate the establishment of
the bank so that it can begin its work from the Libyan capital, Tripoli.
According to the Council’s media office, the President expressed his support for any steps that strengthen African monetary unity and find formulas to establish rules for work to ensure the availability of self-financing African tools without affecting the priority of launching the three main financial institutions established by the African Union.
He added that the State of Libya feels the importance of activating the Investment Bank, out of its belief and confidence that it will bear the responsibility, in coordination and cooperation with member states in putting this important African institution into practice.
Source: Libyan News Agency
