Africa: AU to Set Up African Monetary Fund
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The Daily Monitor (Addis Ababa)
10 July 2008
Posted to the web 10 July 2008
Addis Ababa
The African Union (AU) will establish the African Monetary Fund designed to facilitating trade within the continent.
To that effect a Memorandum of Understanding (MoU) was signed between the Pan African body and the Cameroon, where the later would provide facilities to this new institution whose Head Quarters is to be in Yaounde, capital of Cameroon.
AU Commissioner for Economic Affairs, Dr. Maxwell Mkwezalamba and the Minister of External Relations of the Republic of Cameroon, Henri EYEBE AYISSI, signed the MoU immediately after the opening ceremony of the African Union Summit at the Sharm El Sheikh International Conference Center, on Monday 30 June 2008.
The signing ceremony took place within the framework of setting up a Technical Steering Committee to undertake the implementation for the hosting of the African Monetary Fund by the Cameroonian Government.
The African Monetary Fund will act as a clearing house and will also undertake macro-economic purveyance within the continent, a statement from the AU said citing Commissioner Mkwezalamba.
The African Monetary Fund is one of the three financial institutions planned for in the Constitutive Act of the African Union.
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The other two are; the African Central Bank and the African Investment Bank.
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