The creation of African Union Financial Institutions is one of the flagship projects of Agenda 2063, aiming at accelerating integration and socio-economic development of the continent. He continued, “The establishment of the African Union Financial Institutions is critical for not only enhancing resource mobilization on the continent, but also for providing the necessary impetus for growth and jobs creation. BackgroundArticle 19 of the Constitutive Act of the African Union provides for the creation of three institutions namely the African Central Bank, the African Monetary Fund and the African Investment Bank. The three financial institutions and the PASE constitute the African Union Financial Institutions (AUFIs). Assembly/AU/Dec.64 (IV), that the African Central Bank should be located in West Africa, the African Investment Bank in North Africa, and the African Monetary Fund in Central Africa.

Source: The North Africa Journal February 10, 2020 18:52 UTC