Central Bank of Egypt (CBE) Governor Hassan Abdalla attended the official launch of the African Credit Rating Agency (AfCRA) in Port Louis, Mauritius, as part of Egypt’s efforts to strengthen economic integration across Africa.
The launch ceremony brought together several African heads of state and government, along with leaders of regional and international financial and economic institutions.
Abdalla said the establishment of an African credit rating agency represents a significant step towards improving African economies’ access to international capital markets and investment opportunities. He noted that the agency will provide more accurate assessments of African countries’ economic, financial and institutional conditions, taking into account the continent’s unique circumstances and challenges.
The initiative aims to support sustainable development, promote economic growth, and enhance Africa’s ability to attract investment and financing.
The CBE has supported the establishment of an African credit rating agency since 2017 through co-operation with the United Nations Economic Commission for Africa (UNECA). The initiative seeks to address challenges affecting African countries’ credit ratings, including limited data availability and quality, information gaps between African economies and international investors and rating agencies, and the need to strengthen institutional and statistical capacities.
In October 2024, the CBE hosted the ninth meeting of the African Peer Review Mechanism’s Committee on Credit Ratings in Cairo, in co-operation with the mechanism, UNECA and the United Nations Development Programme (UNDP).
The meeting resulted in broad agreement on a private sector-led model for the agency, with a focus on sustainability and self-financing.
The launch marks the culmination of years of technical discussions and collaborative efforts to establish an African rating institution that better reflects the continent’s economic realities and supports its access to international investment and financing.
