AU Commissioner for Economic Affairs Dr. Maxwell Mkwezalamba said consultations were carried out for the establishment of the bank to be based in Tripoli Libya.
Dr. Mkwezalamba said the bank will focus on programmes that are regional or continental in nature.
The Bank once established will finance private sector initiatives that are active in more that one country.
This is contained in a press statement made available to ZANIS by First Secretary for Press at the Zambia Embassy in Ethiopia Dorcus Chileshe.
Mrs. Chileshe said capital for the bank is expected to come from diaspora and contributions from partners and the private se4ctor.
AU ministers will also discuss the continent’s response to the global financial crisis and lobby for a seat on the G20 group of nations.
Zambia deputy Minister of Finance Chileshe Kapwepwe is expected to attend the meeting.