Libya is working on the final modalities for launching Africa Investment Bank (AIB), the Libyan President said on Wednesday.

Speaking at the African Development Bank Group’s Annual Meetings in Nairobi, Mohamed Younis A Menfi, President of the Presidential Council of the State of Libya said the North African country is currently finalising some of the implementation arrangements for Tripoli-headquartered AIB’s final launch.

“We hope it will play a pivotal role and be an additional step in strengthening African financial institutions,” he said.

AIB is one of the three financial institutions envisaged under the African Union, the other two being African Central Bank (ACB) and the African Monetary Fund (AMF). The legal instrument for the establishment of AIB was adopted in 2009.

(Editing by Anoop Menon) (

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