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African union: a bank for Africa? Impatient at delays in promised development and aid capital from developed countries, the African Union (AU) will establish an investment bank in the next three years.

Publication: African Business
Publication Date: 01-OCT-07 		Format: Online
Delivery: Immediate Online Access
Full Article Title: African union: a bank for Africa? Impatient at delays in promised development and aid capital from developed countries, the African Union (AU) will establish an investment bank in the next three years.(CONTINENTAL)

Article Excerpt
According to Maxwell Mkwezalamba, the AU's commissioner for economic affairs, Africa is becoming increasingly impatient with the rich countries' failure to deliver on their pledges to double aid for Africa by 2010. "It's frustrating to note that our partners have not lived up to what they have committed themselves to do, that's why we are going to develop some mechanisms to try and look for our own funding," he says.

The continent needs some $250bn in the next eight years to double the size of its economy and trade by...

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