Bloomberg News

African Union in Economic Crisis, Needs More Money, Obiang Says

June 30, 2011

June 30 (Bloomberg) -- The African Union faces an economic crisis and its 53 member states must contribute more to the running of the body, Equatorial Guinea’s President Teodoro Obiang Nguema Mbasogo said.

African members must make their contributions so the group doesn’t need to seek outside funding, Obiang said today during the opening of an AU summit that he is hosting in his country’s capital, Malabo.

“Our organization is suffering an economic crisis,” he said. “Africa is a rich continent and we must find a solution so we do not depend on an intervention from outsiders” to support the AU’s finances.

Libya, Algeria, Nigeria, Egypt and South Africa together pay for 75 percent of the Addis Ababa-based organization’s running costs, according the AU. Libya hasn’t paid its contributions for two years, AU Commission head Jean Ping told reporters yesterday.

--Editors: Jennifer M. Freedman, Leon Mangasarian

To contact the reporter on this story: Franz Wild in Malabo at fwild@bloomberg.net.

To contact the editor responsible for this story: Andrew J. Barden at barden@bloomberg.net.


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