Port Louis [Mauritius], October 8: The African Union on Wednesday launched the continent's first credit rating agency, seeking to provide an alternative to the global Big Three ratings agencies as heavy debt burdens weigh on many African economies.
The Africa Credit Rating Agency (AfCRA) was launched in Port Louis, the capital of Mauritius, where it will be headquartered. The initiative took nearly a decade to develop after being approved by African leaders in 2018.
Denys Denya, Executive Vice President of Afreximbank, one of the agency's supporters, said it would help investors better assess investment risks in Africa by providing more information and context.
Source: Emirates News Agency
