Menfi supported any steps that strengthen the African monetary union (French)
Libya announced, on Saturday, its support for steps to strengthen African monetary unity, stressing the importance of activating the African Investment Bank from its headquarters in the capital, Tripoli.
This came in a speech delivered by the head of the Libyan Presidential Council, Mohammed Al-Menfi, at a presidential summit held in the Ethiopian capital, Addis Ababa, called for by President Ghana, Nana Akufo-Addo, on the establishment of African financial institutions.
Al-Manfi supported “any steps that strengthen African monetary unity, and find formulas to establish rules for work to provide African self-financing tools.”
He stipulated that “this does not affect the priority of launching the three main financial institutions established by the African Union.”
The three African financial institutions are: the Monetary Fund, the Investment Bank, and the African Central Bank.
Al-Manfi confirmed that Libya “took executive measures to establish the bank at the infrastructure level.”
He announced his support for the steps taken by the President of Ghana to accelerate the establishment of the bank so that it can begin its work from Tripoli.
Al-Menfi added: “We feel the importance of activating the Investment Bank, out of belief and confidence that Libya will bear the responsibility, in coordination and cooperation with member states and the Commission, in putting this important African institution into practice.”
The African Union Summit in 2008 agreed to establish the African Investment Bank, with Tripoli as its headquarters.
According to experts, accelerating the opening of the bank in Tripoli would restore its political and economic influence in its African surroundings.
Source: Anadolu Agency