African Union: Experts Meet Ahead of the Extraordinary Conference of African Ministers of Economy and Finance

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African Experts in the domain of Economy and Finance converged at the headquarters of the African Union Commission (AUC), today, Monday 14 December 2009, within the framework of the Extraordinary Conference of African Ministers of Economy and Finance (CAMEF) scheduled for Thursday 17 December 2009. The opening ceremony of the Experts meeting was chaired by Dr, Maxwell Mkwezalamba, Commissioner for Economic Affairs of the African Union.

The objective of the Conference, amongst others is to identify through consultations with Member States, alternative sources of financing the African Union, to agree and adopt the roadmap for the development of microfinance in Africa. The Experts are also expected to adopt the Annexes to the Statute establishing the African Investment Bank, given the importance of the sector in economic development as well as in poverty alleviation.

In his speech, Commissioner Mkwezalamba recalled the items on the agenda saying that, contributions from Member States and funds allocated by the partners is essential for the alternative funding of the African Union. He said the outcome of this Expert meeting is crucial as it will contribute to attainment of the Millennium Development Goals (MDGs).

After the introductory remarks by Dr. Rene Kouassi, Director of Economic Affairs of the AU Commission, to on the agenda of the Expert meeting was the consideration of the Annexes to the Statutes of the African Investment Bank; the Scenarios for mobilizing alternative sources of financing for African Union projects and programs as well as the Road Map for the development of Microfinance in Africa. The Expert will then submit their report to the Conference of African Ministers of Economy and Finance, whose outcome will be submitted to the African Union Assembly Head of States and Government billed for January/February 2010 for decisions.

Worth recalling that, Following the adoption of the Protocol on the establishment of the African Investment Bank by the African Union Assembly in February 2009, the Joint AUC/ECA Conference of African Ministers of Finance, Planning and Economic Development held in Cairo in June 2009, endorsed the Statute, which was adopted by the Assembly of the African Union Heads of State and Government in Sirte, Libya, that took place from 1-3 July 2009.

The Assembly requested that annexes relating to subscription formula and member contributions, voting rights pertaining to decisions of the General Assembly and Board of Directors, and table of subscriptions, be prepared and validated by Experts before being sent to the Extraordinary CAMEF.

Source: African Union Commission (AUC)

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