The African Investments Bank is coming
One of the long-standing projects that emanated from the last AU summit in 2009 was the establishment of an African Investment Bank. It is set to become a reality soon with South Africa, Nigeria, Libya, Algeria and Egypt each putting US$300 million towards its establishment.
Meanwhile, the AU’s 47 other member states will contribute US$1.5billion. Plans are in place to source funding from the private sector and other regional blocs such as SADC. It will be based in Libya, and commence operations only after obtaining confirmation from the Pan-African bloc’s 15 countries regarding its founding documents. The objective for its establishment is to promote greater multi-sectoral investment across Africa. Meanwhile, AU diplomats will wait with baited breaths for June 2010, when the AU Commission’s questionnaire to facilitate and harmonize the process of receiving comments from AU states on the Study to improve the financing of the AU through diversified alternative sources will be ready.
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