On Monday, the Investment Climate Facility for Africa (ICF) and the African Development Bank (AfDB) announced actions aimed at enhancing Africa’s competitiveness and attracting private investments.
The two institutions are stepping up efforts to upscale their engagement through joint implementation of high impact projects, organisation of joint investment climate events, preparation of country and sector analytics, and embarking on joint resource mobilisation initiatives.
Reinforced investment climate
The enhanced cooperation between these organisations will consolidate existing synergies, minimise duplication and build on achievements to date in the investment climate interventions from both institutions.
As part of the enhanced collaboration, the AfDB and ICF organised a joint side event on the margins of the African Development Bank’s 2015 Annual Meetings held in Abidjan, Cote d’Ivoire.
The event focused on the theme ‘Investment Climate: The Journey So Far’ served to stimulate debate on the state of Africa’s investment climate.
The way forward is to look at lessons learned and proffer solutions to existing constraints, mobilise both the private and public sector, as well as movers and shakers, to play a key role in delivering greater domestic and foreign investment, with important long-term benefits for inclusive growth.
African governments committed
The ICF maintains that the success of Africa’s socioeconomic development aspirations will depend on the level of private sector activity and a smooth public-private engagement. However, this requires a commitment from African governments and institutions to implement the investment climate reforms.
African Governments working in partnership with ICF include: Burkina Faso, Cape Verde, Ethiopia, Lesotho, Liberia, Mali, Mauritius, Mozambique, Rwanda, Senegal, Sierra Leone, Tanzania and Zambia, as well as the East African Community (ECA) and Organization for the Harmonization of Business Law in Africa (OHADA).
Improving the business climate
The AfDB recognises the importance of improving the business climate as a means of enhancing competitiveness and attracting private investments.
To this end, the Bank’s Private Sector Development Strategy and the Governance Strategic Framework and Action Plan support the vision of building a competitive private sector across Africa that will be an engine of sustainable economic growth, employment creation and poverty reduction on the continent in the next decade and beyond.
The ICF has to date implemented reforms in over 30 countries on the continent through an efficient modus operandi, a proven concept that has contributed to improving Africa’s investment climate.
Campaigning for public private partnerships
Bi-lateral and multilateral development partners are the governments of Germany, Ireland, Netherlands, South Africa and the United Kingdom, as well as the AfDB and the International Finance Corporation.
Corporate partners invested in this collaboration are Anglo American, Coca-Cola, SAB Miller, Sasol, Shell Foundation, Standard Bank and Unilever.