The African Union (AU) on Wednesday launched a continental credit rating agency aimed at providing risk assessments that it says will be more credible and realistic than those produced by the major international rating agencies. The goal is to lower Africa’s borrowing costs and support the continent’s development and industrialization. To that end, the African Credit Rating Agency (AfCRA), which will be headquartered in Port Louis, the capital of Mauritius, will operate as a private and independent entity, with no ownership stake held by the AU or any government.

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