Chairman of Libyan Council calls for unified African position in favour of reform of global financial system
Tripoli, Libya (PANA) - The chairman of the Libyan Presidential Council, Mohamed Al-Manfi, has stressed the importance of African Union (AU) countries to adherr to a unified African position in favour of reforming the global financial system and its institutions.
He was speaking on Wednesday evening at the first high-level presidential session following the opening ceremony of the 59th annual meeting of the African Development Bank (AfDB) Group and the 50th annual meeting of the African Development Fund (ADF), in the Kenyan capital, Nairobi.
Mr. al-Manfi said that the AfDB and the ADF were the only institutions that had been set up at a time when Africa was absent because of its subjection to foreign colonialism.
Al-Manfi stressed that Africa's financial viability and its financial and economic independence could only be achieved through the creation of financial institutions established by the African Union, headed by the African Investment Bank, hosted by Libya, according to extracts published by the Press Office of the President of the Libyan Council.
During the same session, attended by the Presidents of Kenya, William Ruto, and Rwanda, Paul Kagame, as well as the Prime Minister of Namibia, Sarah Amadahela, and the Chairman of the African Union Commission, Moussa Faki, he called for the importance of speeding up the accession and ratification procedures, which are still behind schedule.
The chairman of the Libyan Council praised the role played by the African Development Bank in achieving prosperity and well-being in Africa, and the fact that Libya, as one of the contributor countries to the bank, is seeking to accelerate the pace of its relations with the bank.
The Libyan official also highlighted the pressure on Libyan investments and the Libyan Foreign Bank's contributions in a number of African countries, which are considered to be a model for intra-African investments.
The Chairman of the Libyan Presidential Council congratulated the Kenyan President for hosting this important event and for the role he is playing in international and regional forums to advance the process of integration and development in Africa.
-0- PANA BY/IS/BBA/RA 29May2024
