AYOUB MZEE with Dr Okonjo Iweala at the Africa union headquarters today

African Union finance leaders on Monday unanimously endorsed Nigerian Finance Minister Ngozi Okonjo-Iweala's candidacy to lead the World Bank and urged an open merit-based process to select the next head of the global financial institution.

"Dr. Okonjo-Iweala's impeccable credentials, including depth and breadth of knowledge, rich and varied experience, make her eminently qualified and the best candidate for the post of World Bank president," the Africa Union said in a statement.

frica supports Dr. Ngozi Okonjo Iweala as
Africa’s sole candidate for the Presidency of the World Bank

The Prime Minister of the Federal Democratic Republic of Ethiopia, H.E Meles Zenawi , the Chairperson of the African Union Commission (AUC), Dr. Jean Ping, and African Ministers of Finance, Planning and Economic Development today in Addis Ababa endorsed the nomination of Dr. Ngozi Okonjo Iweala, Minister of Finance of the Federal Republic of Nigeria as Africa’s sole candidate for the Presidency of the World Bank.

The unanimous endorsement came by acclamation during the 1st Plenary Session of the 5th Joint Meeting of the African Union Conference of African Ministers of Economy and Finance and ECA Conference of Ministers of Finance, Planning and Economic Development that opened in Addis Ababa today 26 March 2012.

Dr. Okonjo Iweala had been nominated by Angola, South Africa and Nigeria.

The Commissioner for Social Affairs Department at the African Union (AU) Commission, Ms. Bience Gawanas, has expressed concern at the lack of cooperation from central bank officials in Africa for the technical team on the establishment of an African Institute for Remittances (AIR).

The commissioner, who spoke Sunday in Addis Ababa, Ethiopia, during a high-level ministerial discussion on “Leveraging remittances for social development in Africa,” said it had been difficult for the technical team to obtain timely responses from central banks regarding their acceptance of the assessment visits.

“I urge our member states to galvanize your commitments to this course and also to join us in implementing this project for the benefit of our continent,” Gawanas said.

The panel discussion was held on the sidelines of the meeting of the committee of experts of finance and economy, which started Thursday to prepare for the Conference of African Ministers of Finance, Planning and Economic Development beginning Monday.

The panel discussion was intended to sensitize AU member states on the implementation of the preparatory phase of AIR and inform on the road map towards its creation.

The preparatory phase towards the establishment of AIR was launched in June 2010 and focuses on consultations, research, capacity building and networking.

The finance ministers will make appropriate recommendations to the AU executive council and the assembly on the establishment and structure of AIR.

According to the AU, there are some 30 million Africans living outside their countries of origin, some 3 percent of the continent’s population, who contribute about US$40 billion in remittances to their families and communities back home every year, affecting as many as 25 million recipient households.

It is believed that the remittances, when properly harnessed, will have significant effect in accelerating socio-economic development of the continent.

Unlike development aid, remittances are spent directly by the families of migrants, making it an efficient way to raise the overall income and well-being of the poor.

The establishment of an African Institute for Remittances is expected to facilitate remittances leverages for economic and social development.

Gawanas, however, noted that in spite of the size, stability and development implications of these flows, remittance markets in Africa remain relatively underdeveloped.
A Panel of experts.Her is the Tanzania ambassador to the AU mr Joram Biswaro
Ayoub mzee with the former president of Tanzania H.E Benjamin Mkapa in Ethiopia today