G8 Heiligendaam Summit Declaration on Growth and Responsibility in Africa

Sectors : Forced displacement, Financial Institutions, markets, services and microfinance, Investment, Domestic resource mobilisation, Economic governance and public finance management, Sustainable development
Organisation : G8
Date made: 
2007
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Commitments in: Migration - Forced displacement

“32. We welcome the initiative “Partnership for Making Finance Work for Africa” and the work underway with the World Bank and the African Development Bank to establish it...This partnership should help us work together more effectively with a variety of new and existing initiatives such as:

... • continuing to enhance the effectiveness of remittances of Diaspora Africans to their home countries via the formal sector by pushing ahead the implementation of measures resolved at the G8 Summit on Sea Island in 2004. This includes simplifying and reducing transaction costs and improving access to financial services. On a high-level meeting in fall 2007, the G8 presidency will monitor the progress towards this goal and if necessary identify the need for additional action until the next Summit;”

Scope: 
Africa

Commitments in: Private Sector development and financial services for the poor - Financial Institutions, markets, services and microfinance

"32. We welcome the initiative “Partnership for Making Finance Work for Africa” and the work underway with the World Bank and the African Development Bank to establish it. It will provide a platform for African expertise, institutions, the private sector, and donor resources for solid financial sector capacities in governments and the private sector, and provide a forum for peer learning. This partnership should help us work together more effectively with a variety of new and existing initiatives such as:

• enhancing country capacities to formulate and implement sector wide approaches for addressing financial sector deficiencies in a coordinated and comprehensive manner, through country action plans;

• developing a regional Micro Small and Medium Enterprises Investment Fund (REGMIFA) as an instrument to mobilize resources to refinance medium- and long-term investment credits for smaller enterprises and to microfinance institutions. We will also strengthen microfinance institutions’ capacities, notably through training programs and technical assistance;

• developing long-term local currency financing and suitable insurance instruments for coverage of exchange rate risks as well as a range of insurance products for the coverage of basic social and economic risks;"

Scope: 
Africa

“32. We welcome the initiative “Partnership for Making Finance Work for Africa” and the work underway with the World Bank and the African Development Bank to establish it...This partnership should help us work together more effectively with a variety of new and existing initiatives such as:

...• providing assistance to enhance capital markets in Africa, targeting, among other things, local debt market development, accounting and regulatory capacity, as well as the enforcement of property rights;

• launching mortgage-market programs in pilot countries combining technical assistance with loans and guarantees for mortgage-financed housing projects;

• working with African central banks to provide risk-based supervision training and support international best practices in bank supervision.”

Scope: 
Africa

Commitments in: Private Sector development and financial services for the poor - Investment

“27 …The G8 will support African countries in their efforts to remove the obstacles hampering more investment and to reduce the cost of doing business...

…28. The G8 will support national and regional efforts to improve the investment climate by means of regulatory and administrative reform (including the implementation of national APRM recommendations). We will individually and collectively continue to support initiatives which address the investment climate, such as the Investment Climate Facility (ICF), the Foreign Investment Advisory Service of the IFC or the NEPAD-OECD Africa Investment Initiative...

…30. The G8 will encourage enterprises, especially small and medium-sized, in our respective countries to step up investments that are sustainable, responsible and make a strong contribution to building local private sector capabilities to drive sustainable economic growth, transfer of technology and to make a lasting contribution to poverty reduction in Africa...We will also work through bilateral and international financial institutions (IFIs) to intensify efforts to mobilize capital for private investments in Africa...”

Scope: 
Africa

“32. We welcome the initiative “Partnership for Making Finance Work for Africa” and the work underway with the World Bank and the African Development Bank to establish it...This partnership should help us work together more effectively with a variety of new and existing initiatives such as:

...• encouraging African states to promote higher allocations toward domestic investment by sharing best practices about market-oriented financing schemes to open-up more options for a productive use of remittances, for example granting incentives for migrants channelling parts of their savings towards economic development in their country of origin;"

Scope: 
Africa

“33 …The G8 will encourage sustainable investment through African private sector networks, including support for the UN Global Compact and the UN Principles for Responsible In-vestment. The G8 will also strengthen their dialogue with emerging donors on international initiatives for responsible investment and financial transparency (such as EITI).”

Scope: 
Africa

Commitments in: Environment - Sustainable development

“33... The G8 will encourage sustainable investment through African private sector networks, including support for the UN Global Compact and the UN Principles for Responsible Investment. The G8 will also strengthen their dialogue with emerging donors on international initiatives for responsible investment and financial transparency (such as EITI).”

Scope: 
Africa