G8 Gleneagles Africa Statement

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

“19. …African countries need to build a much stronger investment climate: we will continue to help them do so, including through the promotion of a stable, efficient and harmonised legal business framework (noting the work of the OHADA business legal unification process and the improvement of the investment climate through the OECD/NEPAD Investment Initiative) and increased access to finance including strong support for the development of micro-finance in Africa.”


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…”