In 2008, the African Union Summit agreed to establish the African Investment Bank, with Tripoli as its headquarters. In this context, the President of the Libyan Presidential Council, Mohamed Al-Menfi, confirmed last Saturday that Article 19 of the Constitutive Law of the African Union stipulated the establishment of three African financial institutions, and that the Abuja Summit in 2005 issued a decision to localize these institutions, and this was followed by agreements at the regional level that Libya would be the headquarters of the African Investment Bank, Nigeria the headquarters of the African Central Bank, and Cameroon the headquarters of the African Monetary Fund. Regarding the importance of the step, the Libyan economic advisor, Khaled, said Al-Ghawil said, “The world is desperate for the African continent, and the establishment of the African Investment Bank in Libya was preceded by the establishment of the Sahel and Sahara Bank, which includes 28 countries, in a way that enhances development efforts in Africa.” He pointed out that “in the period that followed 2011, some countries seized Libyan investments.” While many cases are being considered before international courts, he believes that “the step bears great importance for rearranging the papers in the field of investment banking for the partnership, and promoting investments at all levels.” He pointed out that “the bank becomes a framework for attracting international investors with complete exclusivity, while being compatible with... African governments to get rid of the Western hegemony controlling the capabilities of the African peoples, and the bank also ensured the achievement of development goals on the continent.” The head of the Libyan Presidential Council, Mohamed Al-Manfi, explained in a speech he delivered during a presidential summit held in the Ethiopian capital, Addis Ababa, for which Ghanaian President Nana Akufo called. Addo, on the establishment of African financial institutions, said that “any steps that strengthen African monetary unity, and find formulas to establish rules for work to ensure the provision of self-financing African tools.” Menfi stipulated that “this does not affect the priority of launching the three main financial institutions established by the African Union.” The three African financial institutions are: the Monetary Fund, the Investment Bank, and the African Central Bank. He continued, stressing that Libya “took executive measures to establish the bank at the infrastructure level.”