Commissioner for Trade and Industry of the African Union Commission H.E. Albert M. Muchanga (c), joins Alliance of African Multilateral Financial Institutions (AAMFI) Principals & Principal Representatives among them - Shelter Afrique Development Bank CEO Thierno-Habib Hann (l) and ATIDI CEO Manuel Moses (2nd right) at a Press Conference in Accra, Ghana. The Alliance Principals lauded AU Ministers and Central Bank Governors decisions on African Multilateral Financial Institutions’ preferred creditor status reached during the 7th Ordinary Session of the African Union Specialized Technical Committee (STC) on Finance, Monetary Affairs, Economic Planning, and Integration early June, in Tunis, Tunisia. [Courtesy]

The Alliance of African Multilateral Financial Institutions (AAMFI) has welcomed an endorsement by African Union (AU) ministers of finance and Central Bank governors.

Speaking at their seventh ordinary session of the AU's Specialised Technical Committee (STC) meeting on finance, monetary affairs, economic planning, and integration, the ministers said AAMFI envisaged to become a powerful negotiating body that will improve Africa’s position in the global financial system.

This was during the third meeting of its Governing Council on the margins of the AU meeting held in Accra, Ghana.

"The STC Ministerial declaration and decisions reflect the role of African AMFIs in the continent's financial architecture," they said in a statement.

• Read More