Turning constraints into opportunities to attract and mobilise private sector investments, both domestic and foreign, is the guiding spirit of the fourth Investing in Africa Forum: Deepening Investment Co-operation and Harnessing Innovation for Sustainable Development and Shared Prosperity.
2008 was a shock to the system and a wake-up call, showing us that conventional economic analyses and models were insufficient to address the complexity of the modern global economy.
The World Bank Group on 11 September launched the Development Finance Forum in Kigali, Rwanda, for global public and private sector leaders to explore and demonstrate strategies to boost private sector investment in East Africa’s priority sectors, notably, housing, agriculture and tourism.
The average quality of policies and institutions in Sub-Saharan Africa was broadly unchanged in 2017, according to the latest review by the World Bank. This is a shift from the deterioration observed in the previous year.
The agenda of the G20 Trade and Investment Ministerial Meeting included global supply chains, the new industrial revolution and the international trade outlook. It also tackled ways to achieve a more inclusive trade system that contributed to fair and sustainable development. The ministers met in Mar del Plata, Argentina on 14 September.
South African President Cyril Ramaphosa is co-chairing the Forum on China-Africa Cooperation (FOCAC) Summit in Beijing, China, from 3-4 September. Infrastructure and industrial development are on the agenda. “These areas are aimed at addressing the three bottlenecks in Africa, as identified by China and Africa, which are hampering Africa’s development, namely, inadequate infrastructure, lack of professional and skilled personnel, and a funding shortage,” said South African International Relations Minister Lindiwe Sisulu.
Working towards strategies for climate action, the second meeting of the G20’s Climate Sus-tainability Working Group looked at tackling adaptation to climate change, creating long-term strategies and mechanisms for reducing greenhouse gas emissions, as well as mobilising climate finance flows.
The Brazilian Development Bank, Vnesheconombank (Russia), the Export-Import Bank of In-dia, the China Development Bank and the Development Bank of Southern Africa have signed an agreement on the development of distributed ledger technology.
The Indian Ocean Region was looking at redefining its regional architecture to deal with the myriad security and socio-economic challenges it faced. Part of the work was strengthening institutional mechanisms and bodies, including the secretariat, the third Indian Ocean Confer-ence heard. Taking place on 27-28 August in Hanoi, it promoted strategic co-operation and trade ties between regional countries.
The joint declaration issued after the G20 Digital Economy Ministerial Meeting in Salta, Argentina, includes proposals to reduce the digital gender divide, transform the government, measure the digital economy and accelerate digital infrastructure. More than 30 heads of delegation attended the meeting last week.
In the second edition of its report, Implementing the 2030 Agenda, the World Bank looks at its impact in projects at the local, national, regional and global levels – and in the full range of sectors, including education, health, infrastructure, technology, climate change, gender equality, business development, energy, and many others.
Government leaders took forward the SADC industrialisation agenda, while focusing on infrastructure development, youth empowerment and sustainable development at the close of the 38th SADC Summit, which took place on 17 and 18 August 2018 in Windhoek. The theme was “Promoting infrastructure development and youth empowerment for sustainable development”.
Participants called for global youth empowerment and presented an international bank of scalable and replicable projects at the close of the G20 engagement group’s summit in Córdoba, Argentina.
Regional economies, employment, infrastructure and energy were some of the topics on the agenda when Argentine business leaders, ministers and governors attended the fifth edition of the B20 Business Leaders Forum in Patagonia.
The summit took place in Windhoek, Namibia, from 16-18 August 2018. Among other issues, leaders discussed the socio-economic situation in the region, while Angola, as chair of the Organ on Politics, Defence and Security Cooperation, reported on the state of peace and security. Particu-lar attention was paid to recent and forthcoming elections including in Zimbabwe, Madagascar, Eswatini and the Democratic Republic of the Congo.
Over the course of the Y20 Summit, the 46 official representatives from G20 countries will work on a document containing public policy recommendations that will be submitted for consideration by G20 leaders on 30 November and 1 December in Buenos Aires. Delegates will also work on the Social Innovation Warehouse, an international bank of scalable and replicable projects designed by young people that will serve as input for governments and organisations seeking to innovate in public policies for young people.
BRICS members were discussing the possibility of creating a new currency for payments within the bloc, said Anatoly Aksakov, who heads the Russian State Duma Financial Committee. A BRICS currency would have good prospects, “because the bloc possesses half of the world popula-tion, 30% of the world's industry and 40% of the world's agriculture, as well as the biggest natural resources deposits.”
Combatting bribery, money laundering and tax evasion should be a priority if Africa was to finance its transition to middle income status and increase prosperity, said Vera Songwe, the executive secretary of the UN Economic Commission for Africa.
Trade expansion will likely slow further in the third quarter of 2018 according to the WTO’s latest World Trade Outlook Indicator (WTOI) released on 9 August.
The GEGAfrica project has been funded by UK aid from the UK government; however the views expressed do not necessarily reflect the UK government’s official policies.