The head of the Libyan Presidential Council: We support steps that enhance African monetary unity

The President of the Libyan Presidential Council, Mohamed Al-Menfi, expressed his country’s support for any steps that strengthen the African monetary union, and find formulas to establish rules for action to provide African self-financing tools.

This came during his participation in the work of the 37th ordinary session of the African Union Conference “Summit of the Union”, at the headquarters of the African Union in the Ethiopian capital Addis Ababa.

“Article 19 of the Constitutive Act of the African Union stipulates the establishment of three African financial institutions,” he said, adding that “the Abuja summit in 2005 issued a decision to localize these institutions, followed by regional consensuses that Libya will be the headquarters of the African Investment Bank, Nigeria the headquarters of the African Central Bank, and Cameroon the headquarters of the African Monetary Fund.”

Al-Menfi stressed that Libya has taken executive measures to establish the bank at the level of infrastructure, and supported the steps taken by the President of Ghana, Nana Akufo-Addo, to accelerate the establishment of the bank to start its work from the Libyan capital, Tripoli.

“Libya feels the importance of activating the Investment Bank, believing and confident that it will assume the responsibility in coordination and cooperation with member states and the Commission in putting this important African institution into practice,” he said.