Africa: COMESA monetary institute born

By Nawa Mutumweno, Reporting for Shout-Africa.comThe long-awaited COMESA Monetary Institute (CMI) meant to fast-track the realization of the regional economic bloc’s Monetary Co-operation Programme has commenced operations in March 2011.

According to the latest COMESA e-newsletter, the monetary cooperation programme’s ultimate aim is to create the COMESA Monetary Union in the year 2018. The institute was officially launched on March 7, 2011 at the Kenya School of Monetary Studies in Nairobi.

The creation of the CMI was decided by the 13th meeting of the COMESA Committee of Governors of Central Banks which took place in Cairo, Egypt in October 2009.

CMI has been created to carry out all the preparatory work to enhance the implementation of the COMESA monetary cooperation programme in readiness for the monetary union.

The CMI activities as decided by the COMESA Committee of Governors of Central Banks will be to design an appropriate Monetary Policy Framework and Exchange Rate Mechanism (ERM).

Follow ups on the implementation of the financial development and stability plan and assessment of Financial System Stability in member countries are the other policy-oriented activities.

Meanwhile, the fourth COMESA Investment Forum is scheduled for Dubai from March 23 – 24, 2011. The forum is spearheaded by COMESA Regional Investment Agency in partnership with Dubai Chamber of Commerce & Industry, under the patronage of His Highness Sheikh Mohammed Bin Rashid Al Maktoum who is the United Arab Emirates (UAE) Vice President, Prime Minister and Ruler of Dubai.

The Forum is a premier investment event bringing together over 1 000 leading international companies and business representatives with policy makers to discuss new investment and business opportunities in the fast growing Eastern and Southern African markets.

The 4th COMESA Investment Forum will highlight the region’s growth potential, showcase the collaboration between the 19 member states and unveil new projects for the investor community from around the world.

COMESA’S 19 member states include Burundi, Comoros, Democratic Republic of Congo (DRC), Djibouti, Egypt, Eritrea, Ethiopia, Kenya, Libya, Madagascar, Malawi, Mauritius, Rwanda, Seychelles, Sudan, Swaziland, Uganda, Zambia and Zimbabwe.