Africa Beyond Ebola

Among this summer’s grave global worries, the spread of the Ebola virus has monopolized the discussion of Sub-Saharan Africa and reinvigorated hoary notions of disorder and despair – at a time when a new image of a dynamic Africa was emerging. In fact, there is still strong reason for optimism about the region’s prospects.

MADRID – Among this summer’s grave global worries, the spread of the Ebola virus has monopolized the discussion of Sub-Saharan Africa and reinvigorated hoary notions of disorder and despair – at a time when a new image of a dynamic Africa was emerging. In fact, there is still strong reason for optimism about the region’s prospects.

The Ebola outbreak overshadowed three key events affecting the region. On July 1, a major organizational restructuring at the World Bank Group was implemented. Two weeks later, the BRICS (Brazil, Russia, India, China, and South Africa) announced the establishment of the New Development Bank. And, in early August, African government and business leaders gathered in Washington, DC, for a summit that could portend transformative private investment in Africa.

Such investment is essential in a world in which net private capital flows to developing countries outstrip official development assistance by a margin of ten to one. If this is to be a turning point for Africa, rather than another false dawn, this summer must be the start of a prolonged effort to stimulate private-sector engagement.

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