From Rhetoric to Action: The African Investment Climate Facility
From Rhetoric to Action: The African Investment Climate Facility
World Economic Forum on Africa 2006
The Investment Climate Facility (ICF) for Africa, an innovative public private partnership aimed at making Africa a better place in which to do business, was launched. The Commission for Africa, convened by the United Kingdom government, had proposed the initiative, which was endorsed at last year's World Economic Forum Africa Economic Summit and by the leaders of the G 8 industrialized nations at their summit in Scotland. According to ICF Co Chair and session Chair Niall FitzGerald, Chairman, Reuters, United Kingdom; Member of the Foundation Board of the World Economic Forum, the facility had already received US$ 90 million in commitments. Additional unspecified pledges made by the European Union and the African Development Bank during the session were likely to push the total above US$ 100 million.
Britain is so far the only G 8 member to make good on its pledge of support. The ICF is different from other funds for Africa because "it is Africa owned", said Baroness Valerie Ann Amos, Leader of the House of Lords of the United Kingdom. In addition, "it is a unique partnership between African business and government, between multilateral and bilateral donors and other key stakeholders like NEPAD. The ICF, Amos explained, "is really about delivering economic growth with investment." She believed that as the ICF produces results, more donors would come forward. "It will complement what donors are doing."
African ownership will be a key factor for the success of the ICF, Benjamin William Mkapa, Co Chair, Investment Climate Facility for Africa, Dar Es Salaam; President of Tanzania (1995 2005), agreed. He urged African enterprises to contribute even a token amount. He also pledged that the facility would serve the purpose for which it was created and would do so "accountably, transparently, demonstrably." Indeed, Firmino Mucavele, Chief Executive, NEPAD Secretariat, South Africa, maintained that the ICF framework, with a reputable board of trustees, would work. It will quickly identify bottlenecks in investing in Africa and then aim to address them, he said.
The goal of the ICF is to remove obstacles both real and perceived to doing business in Africa. It is focusing on property rights and contract enforcement, reducing red tape, taxation and customs reform, making financial markets more inclusive, infrastructure facilitation, increasing the flexibility of labour markets, the promotion of competition, and the control of corruption and crime. This facility puts the private sector at the centre of Africa's development agenda, said Lars Thunell, Executive Vice President, International Finance Corporation (IFC), Washington DC.
Indeed, corporate donors expressed confidence in the ICF. "The time is right," Harish Manwani, President, Asia, Africa, Unilever, United Kingdom, reckoned. He was impressed by the confidence of Africa's leaders in "going for growth," the theme of this year's meeting. "Africa is growing and people can see the benefits." He also noted that the ICF is based on collaboration, accountability and benchmarking. Sir Mark Moody Stuart, Chairman, Anglo American, United Kingdom, agreed. The design of the ICF is right. "This is not studying things; it moves directly to implementation." He called for the involvement of civil society in the process.
From the floor, Trevor Manuel, Minister of Finance of South Africa, said that the ICF would promote the dissemination of best practices. Asked whether the political will existed to make the ICF a success, Jakaya M. Kikwete, President of Tanzania, sought to reassure participants: "Don't worry about political will. We are going for growth. The political will will be there." Mkapa pointed out that Britain was the only G 8 member to "put their money where there mouth was." He called on the other governments, as well as the private sector and donor organizations, to contribute.
"Words are cheap; action is what counts," FitzGerald declared. "This is Africa's moment not of greatest need but of greatest opportunity." At least 300 million Africans are still very poor, FitzGerald noted. To remedy this poverty, "Africa will need to grow faster and sustain that faster growth for as far as we can see." The ICF, he added, aimed to deliver pan continental and national programmes. It is closely engaged with the donor community. Its finite lifespan proves that "the ICF is not about institutional empire building." He concluded: "This is a proud and hopeful moment for Africa. There is a great deal to be done."
From Rhetoric to Action The African Investment Climate Facility - To learn more about this author, visit World Economic Forum's Website.
Like this article? Share it with your friends
01.06.2006
World Economic Forum on Africa 2006
The Investment Climate Facility (ICF) for Africa, an innovative public private partnership aimed at making Africa a better place in which to do business, was launched. The Commission for Africa, convened by the United Kingdom government, had proposed the initiative, which was endorsed at last year's World Economic Forum Africa Economic Summit and by the leaders of the G 8 industrialized nations at their summit in Scotland. According to ICF Co Chair and session Chair Niall FitzGerald, Chairman, Reuters, United Kingdom; Member of the Foundation Board of the World Economic Forum, the facility had already received US$ 90 million in commitments. Additional unspecified pledges made by the European Union and the African Development Bank during the session were likely to push the total above US$ 100 million.
Britain is so far the only G 8 member to make good on its pledge of support. The ICF is different from other funds for Africa because "it is Africa owned", said Baroness Valerie Ann Amos, Leader of the House of Lords of the United Kingdom. In addition, "it is a unique partnership between African business and government, between multilateral and bilateral donors and other key stakeholders like NEPAD. The ICF, Amos explained, "is really about delivering economic growth with investment." She believed that as the ICF produces results, more donors would come forward. "It will complement what donors are doing."
African ownership will be a key factor for the success of the ICF, Benjamin William Mkapa, Co Chair, Investment Climate Facility for Africa, Dar Es Salaam; President of Tanzania (1995 2005), agreed. He urged African enterprises to contribute even a token amount. He also pledged that the facility would serve the purpose for which it was created and would do so "accountably, transparently, demonstrably." Indeed, Firmino Mucavele, Chief Executive, NEPAD Secretariat, South Africa, maintained that the ICF framework, with a reputable board of trustees, would work. It will quickly identify bottlenecks in investing in Africa and then aim to address them, he said.
The goal of the ICF is to remove obstacles both real and perceived to doing business in Africa. It is focusing on property rights and contract enforcement, reducing red tape, taxation and customs reform, making financial markets more inclusive, infrastructure facilitation, increasing the flexibility of labour markets, the promotion of competition, and the control of corruption and crime. This facility puts the private sector at the centre of Africa's development agenda, said Lars Thunell, Executive Vice President, International Finance Corporation (IFC), Washington DC.
Indeed, corporate donors expressed confidence in the ICF. "The time is right," Harish Manwani, President, Asia, Africa, Unilever, United Kingdom, reckoned. He was impressed by the confidence of Africa's leaders in "going for growth," the theme of this year's meeting. "Africa is growing and people can see the benefits." He also noted that the ICF is based on collaboration, accountability and benchmarking. Sir Mark Moody Stuart, Chairman, Anglo American, United Kingdom, agreed. The design of the ICF is right. "This is not studying things; it moves directly to implementation." He called for the involvement of civil society in the process.
From the floor, Trevor Manuel, Minister of Finance of South Africa, said that the ICF would promote the dissemination of best practices. Asked whether the political will existed to make the ICF a success, Jakaya M. Kikwete, President of Tanzania, sought to reassure participants: "Don't worry about political will. We are going for growth. The political will will be there." Mkapa pointed out that Britain was the only G 8 member to "put their money where there mouth was." He called on the other governments, as well as the private sector and donor organizations, to contribute.
"Words are cheap; action is what counts," FitzGerald declared. "This is Africa's moment not of greatest need but of greatest opportunity." At least 300 million Africans are still very poor, FitzGerald noted. To remedy this poverty, "Africa will need to grow faster and sustain that faster growth for as far as we can see." The ICF, he added, aimed to deliver pan continental and national programmes. It is closely engaged with the donor community. Its finite lifespan proves that "the ICF is not about institutional empire building." He concluded: "This is a proud and hopeful moment for Africa. There is a great deal to be done."
From Rhetoric to Action The African Investment Climate Facility - To learn more about this author, visit World Economic Forum's Website.
Like this article? Share it with your friends
 | |
 |
No article feedback found. |
| |
Leave Your Feedback |
 | |
| |||
Leanne Hoagland-SmithAre your sales where you want them to be? Will you be one of the few who achieves sales or business success or one of the many who have failed to change? Are you tired of being told you are like everyone else? Then you may find my first book on sales of interest. Be the Red Jacket in the Sea of Gray Suits, The Keys to Unlocking Sales available at Amazon or at http://www.processspecialist.com/red-jacket.htm. This book is a reflection of my no-nonsense approach to improving sales to overall business results. If you are truly committed to making sustainable changes, then I can help you secure a positive return on your investment because I focus on executable solutions not telling you the problems you already know you have. From training to corporate (group) coaching to executive one on one coaching, my approach is to assess, create awareness, build a goal driven action plan and then execute. The bottom line question is "Not do you or your employees know it, but do you or they want to do it?" Please call for a free strategy session at 219.759.5601. - Visit Leanne Hoagland-Smith's Website |
|||
|
To learn more about the Evan Elite Author Program please contact us. | |||
 | |
|  |
Subscribe to World's articles
 | |
|
|  |
 | |
|
| |
 | |||||||
|
 | ||
 |
||
 |
||
 |
||
|
| ||
 |
| Have you written articles that would be of value to entrepreneurs? Become an expert on our site by publishing them! Expose yourself to a wide audience, drive more traffic to your website and get more sales! Click Here for details. |
|
|
 |
| Modeling the Masters: Learn the true secrets behind Walt Disney's business success factors & grow your company! Video produced by Phanta Media |
|
|
 |
"Learn straight from Evan how you can Make a Full Time Income (And More) from a Website"
Click Here To Learn More |
|
|
|
|
Get advice & tips from famous business owners, new articles by entrepreneur experts, my latest website updates, & special sneak peaks at what's to come!
|
|
|
 Networking Difference In A Decade Google Adwords Guide Business Wisdom The Leadership Edge Funding Worksheet |
|
 | ||
 |
The Top 10 ProBlogger Posts
Best Posts for Bloggers | |
 |
Top 50 Franchising Blogs
Top 50 Franchising Blogs | |
| ||
 | ||||
| ||||
|
| ||||
| ||||
|
|
|
|
|
||||||||||||
|
Email us your ideas on how to make our website more valuable! Thank you Sharon from Toronto Salsa Lessons / Classes for your suggestions to make the newsletter look like the website and profile younger entrepreneurs like Jennifer Lopez and Sean Combs!
|
|
|
| ||||||||||||
| ||||||||||||
|
|
||||||||||||