G8 Sea Island Action Plan: Applying the Power of Entrepreneurship to the Eradication of Poverty

Sectors : Investment
Organisation : G8
Date made: 
2004
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Commitments in: Private Sector development and financial services for the poor - Investment

“...G8 countries will work to ensure that bilateral and multilateral assistance help to mobilize capital and expertise to accelerate growth and free up resources for productive use by people in developing countries...

...To highlight and disseminate best practices in this private-sector approach to development, the G8, together with relevant international organizations, will sponsor a conference in the fall of 2004 involving private sector representatives and developing and developed country governments...

...Improving the Business Climate for Entrepreneurs and Investors...

...G8 countries endorse and will seek to supplement the good work that the UN and its Commission on the Private Sector and Development, the World Bank, IDB, IFC, the OECD, and other institutions have been doing to improve the climate for enterprise and investment in the developing world. In particular, we support the work of the World Bank to identify quantitative indicators for the costs and benefits of business regulations across countries.

G8 countries will work with the multilateral development banks (MDBs), UNDP, and other UN agencies and international organizations to:

7. Support coordinated, country-specific MDB action plans to address key impediments to the business environment. The action plans should have timetables to achieve measurable results.

8. Encourage the MDBs to incorporate these action plans into their country strategies and budgets, and report annually on the progress made in conducting investment climate assessments and action plans.

9. Encourage the MDBs to enhance their lending and technical assistance programs for small and medium-sized enterprises (SMEs) over the next three years with clear, results-based objectives, and to develop these plans by September. For example, the EBRD has introduced a successful small business program, combining technical assistance and capital, which has resulted in five hundred thousand loans to SMEs over the last ten years.

The G8 will work with developing countries to develop pilot projects and support actions to:

10. Assist committed countries to launch comprehensive programs and reforms to improve their business and investment climates, working with the MDBs and other international bodies such as the OECD.

11. Help drive down the cost and time to start businesses in developing countries.

12. Support efforts highlighted in the UN Commission on the Private Sector and Development to assist the evolution of informal businesses into the formal sector.

13. Help promote investment compacts, similar to OECD work in the Balkans, in which countries commit to implement structural policy reform in order to help attract increased private investment.”

Scope: 
International

“The G8 will work with developing countries to develop pilot projects and support actions to:...

...15. Help develop business-to-business links to promote commercially viable projects and to match investors, exporters, and service providers through entrepreneurial conferences and smaller sectoral meetings.

16. Support developing countries ability to attract knowledge-based investment and promote innovation by working with them to curb piracy and counterfeiting, which increasingly damage domestic as well as international business.”

Scope: 
International

“The G8 will work with developing countries to develop pilot projects and support actions to:...

...19. Promote and facilitate investment opportunities in developing countries, including through the negotiation and implementation of investment treaties.”

Scope: 
International