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Fourth AU/ECA Joint Meeting of African Ministers of Finance Addis Ababa, 28-29 March 2011

At the fourth AU/ECA Joint Meeting of African Ministers of Finance, whose theme was “Governing Development in Africa”, the Malian Presidency of the Leading Group and the Group’s Permanent Secretariat introduced the issues linked to innovative financing, providing examples of the added value of these mechanisms.

Several figures present, such as Jean Ping and Donald Kaberuka, reiterated their support for innovative financing. European Commissioner Michel Barnier highlighted the opportunity of placing a tax on financial transactions.

The Malian Presidency and the Permanent Secretariat jointly showed the relevance and the potential of innovative financing, highlighting the role of its more stable and more predictable resources which supplement ODA. This financing makes up part of the solution to achieving development and Africa’s specific role in this area was highlighted. From the outset, the African Continent has been strongly committed to innovative financing and several countries in the continent have already implemented such mechanisms.

5 April 2011

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