ADDIS ABABA (Reuters) - Libya's central bank governor said on Wednesday that an African Investment Bank (AIB) with total capital of $25 billion would be up and running by the end of the year if the plan is approved by African leaders.
Farhat Bin Guidara told Reuters the bank would have its headquarters in Tripoli and would aim to funnel support to development projects across the world's poorest continent.
"It is the anticipation of the bank to provide finance to enhance developments in Africa for projects with guarantees and feasible studies," Bin Guidara told Reuters on the sidelines of a meeting of African finance officials in Addis Ababa.
The Ethiopia-based African Union, which hosted Wednesday's discussions, is also studying the possibilities of setting up an African central bank and an African monetary bank, he added.
There are also plans for a Pan-African bourse, but the officials meeting in Ethiopia's capital said this should be done by first consolidating stock markets at a regional level.
"Achieving intermediary objectives, such as the harmonisation of the legal and fiscal framework, the liberalisation of exchange rates and the movement of capital, will have to be determined first," they said in a report.
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