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The African Economic Research Consortium (AERC) was established in 1988 as a public not-for-profit organization devoted to the advancement of economic policy research and training. The AERC is incorporated in the State of Delaware, USA, and was established in Kenya under the Host Country Agreement in 1991. This Agreement was reviewed in September 1999 to place the AERC in line with other international organizations in Kenya. Subsequently, AERC’s status as an international not-for-profit organization with certain rights and privileges under The Privileges and Immunities Act (Cap. 179) Laws of Kenya was officially gazetted in March 2000. Since January 1992 the AERC has operated according to policies and administrative procedures recommended by its Executive Director and approved by the Board of Directors.