Posted by: africanpressorganization | 17 December 2009

African Ministers of Economy and Finance Discuss Micro Finance Development, Establishment of African Investment Bank and alternative Funding of the African Union

 


 

 

African Ministers of Economy and Finance Discuss Micro Finance Development, Establishment of African Investment Bank and alternative Funding of the African Union

 

 

ADDIS ABABA, Ethiopia, December 17, 2009/African Press Organization (APO)/ — The Extraordinary Conference of African Ministers of Economy and Finance (CAMEF) kicked off today, Thursday 17 December 2009, at the headquarters of the African Union Commission (AUC) in Addis Ababa Ethiopia, under the chairmanship of Dr. Maxwell Mkwezalamba, Commissioner of Economic Affairs of the African Union.

 

African Ministers of Economy and Finance, Ambassadors and members of  the diplomatic corps, as well as Representatives of Regional and International gathered to discuss issues related to the alternative sources of financing the African Union, the roadmap for the development of microfinance in Africa and the Annexes to the Statute establishing the African Investment Bank (AIB)

 

Speaking on behalf of the Chairperson of the African Union Commissioner Mkwezalamba, Commissioner recalled that, the Extra-ordinary Conference has been necessitated by the need for African Union Ministers of Economy and Finance to discuss some very important issues that are key to the promotion of poverty reduction, regional integration and sustainable development in the continent, in line with the vision of African Union Heads of State and Government. “I am pleased to report that the Commission, in compliance with Decision of the last Extra-Ordinary Conference, has undertaken further consultations on the two items and prepared Annexes to the statute of the African Investment Bank (AIB)”, he added. 

 

Dr. Mkwezalamba strongly underscored the importance of microfinance in enhancing access to education, health, and women empowerment as well as access to microcredit and other financial services. This, he said, are substantial to growth and investment and that their institutionalization will allow effective job creation and noticeable betterment of incomes. (See complete speech of Commissioner Mkwezalamba in the AU website: http://www.africa-union.org).

 

 

Addressing the meeting on behalf of the UN Under Secretary General and Executive Secretary of the Economic Commission for Africa (ECA), Mr. Nnadozie Emmanuel, Director of Economic Development and NEPAD Division, recalled the impressive economic performances of Africa, that can be assessed through the implementation of prudent macroeconomic policies, good governance, and empowerment of private sector. He said, the impact of the current crisis has jeopardized food and energy crises, and therefore expressed the hope that this meeting will provide solutions that will compel Africa`s development. He assured the AUC of the total support of the UNECA in undergoing this task.

 

Speaking later, H.E Ato Mekonnen Menyazewal, State Minister of Finance and Economic Development of the Federal Democratic Republic of Ethiopia, outlined the prominence of alternative sources of financing the African Union, amongst other things.

 

SOURCE 

African Union Commission (AUC)


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