HARARE, February 9. /TASS/. The African Union has decided to create its own Africa Credit Rating Agency (AfCRA), Ethiopia’s ENA news agency reported, citing the organization’s headquarters in Addis Ababa.

The official founding ceremony will take place in the Ethiopian capital on February 14 on the eve of the union’s summit on February 15-17.

"As the continent continues its march towards economic integration and resilience, the establishment of Africa Credit Rating Agency (AfCRA) represents a pivotal step in asserting Africa’s position on global financial governance," the news agency pointed out. It "aims to provide fair, transparent and development-focused credit ratings that reflect the realities and potential of African economies," ENA noted.

According to the news agency, "AfCRA was established to address concerns over perceived biases, inaccuracies, and high costs associated with international credit rating agencies when assessing African countries. It will provide an opportunity for the continent to have a credit rating system that reflects Africa’s unique socio-economic realities and fosters a fairer representation of its creditworthiness.".