African response to the global financial crisis

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Cape Town, 16 January 2009 - The President of the African Development Bank (AfDB), Donald Kaberuka, is participating in a meeting of the Committee of Ten African Finance Ministers and Central Bank Governors, in Cape Town, South Africa.

The Committee meets to discuss the current global financial crisis and its impact on Africa. It will address priority issues for the continent and develop a forward work programme, which will be presented to Heads of State at the African Heads of State Summit in Addis Ababa in early February 2009.

The Committee of Ten was convened by the heads of the AfDB, African Union Commission and UN Economic Commission for Africa, following a meeting of African Finance Ministers and Central Bank Governors in November 2008 in Tunis. The meeting agreed upon the establishment of a Committee to develop an African response to the global financial crisis and issues on the G20 agenda.

Serving on the Committee are Finance Ministers from South Africa, Nigeria, Egypt, Cameroon and Tanzania, as well as Central Bank Governors representing Botswana, Kenya, Algeria, West African States and Central African States. South Africa serves as Chair of the first meeting of the Committee this year.

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