G8 Heiligendaam Summit Declaration on Growth and Responsibility in Africa

Sectors : Financial Institutions, markets, services and microfinance, Investment, Forced displacement, Domestic resource mobilisation, Economic governance and public finance management, Sustainable development
Organisation : G8
Date made: 
2007
You are viewing a filtered list of commitments, click here to view all commitments in this text

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...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