The Investment Climate Facility for Africa and AfDB Strengthen Partnership
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Monday, June 8, 2015
By
danielmjema.blogspot.com
This
enhanced cooperation is aimed at consolidating their synergies,
minimising duplication and building on the achievements in investment
climate interventions across Africa
ABIDJAN, Côte d’Ivoire, June 8, 2015/ -- The Investment Climate Facility for Africa (ICF) (http://www.icfafrica.org) and the African Development Bank (AfDB) (http://www.afdb.org)
announced concrete actions aimed at further strengthening their already
strong partnership. This enhanced cooperation is aimed at consolidating
their synergies, minimising duplication and building on the
achievements in investment climate interventions across Africa.
AfDB
recognizes 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.
ICF’s
quick wins implementation of reforms in over 30 countries on the
continent has delivered, through an efficient modus operandi, a proven
concept that has contributed to improving Africa’s investment climate.
The Bank and ICF strongly complement each other. To this end, the two
institutions are stepping up efforts to upscale their engagement through
joint implementation of high impact projects, organization of joint
investment climate events, preparation of country/sector analytics, and
embarking on joint resource mobilization initiatives.
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, on the theme
“Investment Climate: The Journey So Far” served, not only to engender
debate on the state of Africa’s investment climate, lessons learnt and
proffer solutions to existing constraints, but also to 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.
On
this occasion, Aly Abou Sabaa, Vice President of the African
Development Bank, congratulated ICF for the immense contribution to
improving Africa’s investment climate during Phase I and reiterated the
Bank’s commitment to partner with ICF in Phase II. He challenged African
Governments, the African private sector and existing and potential new
contributors to support Phase II of ICF.
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 - and this requires a commitment from
African governments and institutions to implement investment climate
reforms.
Habari Zingine
Mjulishe Mwenzako
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