AU summit deliberates on alternative sources of funding to development projects

Heads of states and governments of the African Union (AU) deliberated on alternative sources of financing for various development projects and programs made by the pan-African bloc.

The AU heads of states on Sunday wrapped up their 26th ordinary session at the AU headquarters in Ethiopia's capital Addis Ababa.

The heads of states on Saturday looked at the study report on alternative sources of funding, said Erastus Mwencha, Deputy Chairperson of the AU Commission when addressing the press Sunday on the sidelines of the 26th AU summit.

"Yesterday, there was a very extensive exchange of the heads of states and governments on this very subject when the heads of states and governments looked at the budget of 2016 which they have approved but also approved on the criteria for sharing on how to contribute on that budget," he said.

Mwencha said the history of the subject of alternative sources of financing goes back to 2003 when AU was established.

"This subject was restated with a new dimension, a new dimension being, we now have our Agenda 2063; and Agenda 2063 envisages that Africa must seek to have a transformation of its economy if we are going to address the challenges that face our continent," he noted.

The deputy chairperson added that African countries can seek support from technology development, foreign investment and partnerships in various ways.

"But, Africa must be the primary agent that owns and finances its own agenda," he underlined.

Mwencha stated that AU has a number of programs under the Agenda 2063 to support member countries, including areas in agriculture, infrastructure, democracy and governance among others. Endit