There is a huge window of opportunity for private sector-led development in Africa. But taking advantage of this opportunity requires a new approach to private financing of Africa’s development, in which Africa is the lead investor in its own economic renaissance.
Lagos – There has been considerable progress on achieving the Millennium Development Goals since their inception in 2000. But, despite the best efforts of governments, reaching those goals by the 2015 target date still remains a distant prospect for many countries, not the least of in Africa.
Many of us in Africa’s private sector are keen to make a difference in meeting these goals. At the Africa Finance Corporation (AFC), reducing poverty on the African continent through private-sector initiative is our mission. For, in the end, the private sector is and will be the engine of growth in Africa, and its increasingly active involvement in the development process bodes well for the continent.
Africa’s development challenges are well known. More than 40% of its population lives on less than a dollar a day. Over half a billion people live without modern forms of energy, and the continent’s share of global trade remains a paltry 3%.
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Since 1960, only a few countries in Latin America have narrowed the gap between their per capita income and that of the United States, while most of the region has lagged far behind. Making up for lost ground will require a coordinated effort, involving both technocratic tinkering and bold political leadership.
explain what it will take finally to achieve economic convergence with advanced economies.
Between now and the end of this decade, climate-related investments need to increase by orders of magnitude to keep the world on track toward achieving even more ambitious targets by mid-century. Fortunately, if done right, such investments could usher in an entirely new and better economy.
explains what it will take to mobilize capital for the net-zero transition worldwide.
Lagos – There has been considerable progress on achieving the Millennium Development Goals since their inception in 2000. But, despite the best efforts of governments, reaching those goals by the 2015 target date still remains a distant prospect for many countries, not the least of in Africa.
Many of us in Africa’s private sector are keen to make a difference in meeting these goals. At the Africa Finance Corporation (AFC), reducing poverty on the African continent through private-sector initiative is our mission. For, in the end, the private sector is and will be the engine of growth in Africa, and its increasingly active involvement in the development process bodes well for the continent.
Africa’s development challenges are well known. More than 40% of its population lives on less than a dollar a day. Over half a billion people live without modern forms of energy, and the continent’s share of global trade remains a paltry 3%.
To continue reading, register now.
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