LOC15:15
12:15 GMT
ALGIERS, Feb 14 (KUNA) -- African leaders are set to convene in Addis Ababa on Friday to look into an Africa Credit Rating Agency (AfCRA), marking a pivotal step in asserting Africa's position on global financial governance.
In a press release, the African Union (AU) said that its member countries' heads of state and government will convene for presidential dialogue on the establishment of an Africa Credit Rating Agency on 14 February.
Facilitated by the African Peer Review Mechanism (APRM), the event will also bring together policymakers, financial experts, and development partners to deliberate on the operationalization of a dedicated credit rating agency for the continent, it said.
The event to be held on the margins of the 38th AU Ordinary Summit at the African Union Headquarters, underscores Africa's commitment to enhancing the continent's financial sovereignty and addressing long-standing challenges associated with the three international credit rating agencies, it added.
The establishment of an Africa Credit Rating Agency aims to provide fair, transparent and development-focused credit ratings that reflect the realities and potential of African economies, it noted. (end)
mr.mt