Ankara:The Africa Credit Rating Agency (AfCRA) has been officially launched in Mauritius, with the goal of enhancing the continent's financial autonomy and improving economic assessments, as announced by the African Union.

According to Anadolu Agency, the launch was described as a significant milestone in Africa's economic history by AU Commission Chairperson Mahmoud Ali Youssouf. Youssouf emphasized that credit ratings are crucial for accessing financing and can affect borrowing costs. He warned that assessments failing to consider African economic conditions could result in higher borrowing expenses for countries.

AfCRA aims to complement existing international rating agencies by providing independent and credible assessments rooted in African data and expertise. Mauritius' Financial Services and Economic Planning Minister Jyoti Jeetun expressed that the agency could bolster Africa's financial system and attract investment, particularly in sectors like infrastructure, renewable energy, telecommunications, healthcare, and agriculture.

Marie-Antoinette Rose Quatre, chief of the African Peer Review Mechanism, mentioned that the African Union endorsed the creation of AfCRA in 2017. She called on African governments to supply accurate and timely economic data, emphasizing that the agency's credibility would be its most vital asset. The establishment of AfCRA is in line with the African Union's Agenda 2063 development goals.