The African Monetary Fund is born in Malabo

The 23rd African Union (AU) Summit in Malabo adopted the statutes of the African Monetary Fund (AMF), a pan-African financial institution with an initial capital of US $ 22.64 billion, Economic development of the continent. This fund will be based in Yaoundé, Cameroon.

The fund, set up by the AU’s constitutive act adopted in 2000 in Sirte, Libya, aims to contribute to economic stability and the management of financial crises in Africa by promoting growth Macroeconomic development and the development of intra-regional trade.

The Fund’s capital will be mobilized from African countries on the basis of several criteria, including the size of their economies and their foreign exchange reserves.

The largest contributor to capital will be South Africa with 8.05% (about $ 1 billion contribution), followed by Nigeria (7.94%, or $ 899 million), Egypt (6, 12% / $ 693 million) and Algeria (4.59% / $ 520 million).

Source: Agence Ecofin