Development and Financial Crisis to Dominate Discussions at the 4th African Economic Conference

Press Release No. 58/2009

Addis Ababa, 23 October 2009 (ECA) – More than three hundred policy-makers, development experts and economists will attend the fourth annual African Economic Conference (AEC), taking place in Addis Ababa, Ethiopia, from November 11-13, 2009.  The theme of this year’s conference is: “Fostering Development in an Era of Financial crisis.”

Some of the key figures expected to attend include Prime Minister Meles Zenawi of Ethiopia; Tidjane Thiam, the chief executive of Prudential; Paul Collier, director of the Centre for the Study of African Economies at Oxford University; and several central bank governors and ministers of finance from African countries.

The event is jointly organized by the African Development Bank (AfDB) and the United Nations Economic Commission for Africa (ECA), to foster the exchange of ideas between economists and policy-makers in order to improve the quality of economic policies designed within the region as well as the dynamic and sustained growth necessary to reduce poverty through knowledge-sharing.

This year’s event is taking place against the backdrop of the global financial and economic crisis that has affected many African countries. Speaking ahead of the event, the AfDB Chief Economist, Louis Kasekende, said that “the AEC has been useful in helping us improve the quality of our existing major publications such as the African Economic Outlook (AEO) and the African Development Report, which we now regularly disseminate during the conference as a way of influencing policy.”

The director of ECA’s trade, finance and economic development division, Mr. Emmanuel Nnadozie, said: “The conference will offer an opportunity for experts, scholars and policy-makers, to come together and look at various dimensions of African development and find ways of addressing the challenges that Africa is facing because of this global financial and economic crisis.”

Following the outbreak of the economic and financial crises, the AfDB and ECA have put in place mechanisms to monitor the impact of the crisis on African countries.  The two institutions have also played a catalytic role in enhancing Africa’s voice and effective participation in international regulation by articulating the continent’s interests in the G-20 and the other regulatory institutions.  

Using their joint convening powers, the Bank and ECA continue to facilitate the process of developing a common African position, especially at the level of the G-20 and the Bretton Woods Institutions. In addition, through participation in various international fora, the AfDB and ECA continue to project Africa’s voice to ensure the continent’s effective participation in global development fora and representation at the international level.

Issued by ECA and AfDB communications.
For more information, please contact: 
Mr. Andrew Allimadi, Communication Officer,
United Nations Economic Commission for Africa, P.O.Box 3001, Addis Ababa, Ethiopia.  Tel: +251-11-544-5640; Fax: +251-11-551-0365; email: aallimadi@uneca.org.