G8 Gleneagles Africa Statement

Sectors : Agricultural investment and production, Financial Institutions, markets, services and microfinance, Infrastructure General, Investment, Food security
Organisation : G8
Date made: 
2005
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Commitments in: Private Sector development and financial services for the poor - Investment

23. Infrastructure and supply-side weaknesses often prevent the poorest countries from exploiting their trading opportunities and need to be addressed. To boost growth, attract new investment and contribute to building Africa’s capacity to trade we will:

(a) Continue our work to build an international infrastructure consortium involving the AU, NEPAD, World Bank and African Development Bank (AfDB), recognised by NEPAD as the lead infrastructure agency, to facilitate infrastructure investment, including in cross-border infrastructure, in Africa.

(b) Support investment, enterprise development and innovation, for example through support to the AU/NEPAD Investment Climate Facility, the Enhanced Private Sector Assistance with the AfDB, and other appropriate institutions, to invest in SMEs and microfinance, and through actions by the relevant International Financial Institutions and African governments to increase access to financial services through increased partnerships between commercial banks and micro-finance institutions, including through support for diversification of financial services available to the poor and effective use of remittances.

(c) Support a comprehensive set of actions to raise agricultural productivity, strengthen urban-rural linkages and empower the poor, based on national initiatives and in cooperation with the AU/NEPAD Comprehensive Africa Agriculture Development Programme (CAADP) and other African initiatives.

(d) Encourage best practice in responsible investment through African private sector networks, including support to the UN Global Compact…”

Scope: 
Africa

Commitments in: Agriculture - Food security

“18. We will work to achieve these aims by:…

…(j) Reconfirming our Sea Island commitment to help countries that are willing to make a political commitment to develop comprehensive food security and famine prevention programmes.”

Scope: 
Africa

Commitments in: Agriculture - Agricultural investment and production

“20. Investment is needed in sustainable agriculture, which is the most important economic sector for most Africans. African governments have made a commitment to invest 10% of their budgets in agriculture. We will strengthen our support for their commitment.”

Scope: 
Africa