Chairman of Libyan Council supports measures taken by Ghanaian President to launch the BAI in Tripoli

Tripoli, Libya (PANA) - The Chairman of the Libyan Presidential Council, Mohamed al-Manfi, said here Saturday Libya had taken executive steps to establish the African Investment Bank (AIB) in the infrastructure sector, supporting the measures taken by the Ghanaian President, Nana Addo Dankwa Akufo-Addo, to speed up the creation of the bank to carry out its work from the Libyan capital.

Speaking at the presidential summit convened by Ghanaian President Nana Akufo-Addo at the African Union (AU) headquarters in Addis Ababa on Saturday, Mr. al-Manfi added that the African Union (AU) was committed to the establishment of the bank.

Al-Manfi added that Article 19 of the Constitutive Act of the AU stipulated the creation of three African financial institutions, with a decision taken at the Abuja summit in 2005 to locate these institutions, assuring that this was followed by agreements at regional level under which Libya will host the headquarters of the African Investment Bank, Nigeria the headquarters of the African Central Bank and Cameroon the headquarters of the African Monetary Fund, according to a statement issued by the Press Office of the chairman of the Libyan Council.

The Libyan official added: "We support all measures that strengthen African monetary unity and are finding formulas to establish working rules that will guarantee the availability of African self-financing tools without affecting the priority of launching the three main financial institutions established by the African Union."

He added that Libya feels the importance of activating the Investment Bank, convinced that it will assume responsibility, in coordination and cooperation with the Member States and the Commission, for putting this important African institution into practice.

At the end of the summit, the chairman of the Libyan Council attended the launch ceremony of the Alliance of African Multilateral Financial Institutions "Club Africa".

-0- PANA BY/JSG/BBA/RA 17Feb2024