The African Development Bank Group's Annual Meetings 2024 began in Nairobi, Kenya on Monday, with a panel discussion about how to mobilizing funding to develop the private sector in Africa.
The Africa n Development Bank Group's Annual Meetings 2024 began in Nairobi, Kenya on Monday, with a panel discussion about how to mobilizing funding to develop the private sector in Africa .
Albert M. Muchanga, African Union Commission Trade and Industry Commissioner, emphasized that African countries have a duty to ensure that their economies prospered."But at the same time, we need a favourable continental and global environment. If Africa is to be transformed, we need to make it easier for the private sector to contribute by offering incentives," he added, to encourage the private sector.
Mr Admassu Tadesse, Trade and Development Bank CEO, hoped that"business will be done differently if we want to achieve a genuine transformation. Synergies and collaboration across the continent allow economies of scale, and the reason that large-scale projects have been able to succeed is the number of partners working together, with success stories attracting more investors," he added.
"We need to reduce risks in the commercial sector by increasing the volume of trade between African countries, which is no more than 16%. With its 1.5 billion inhabitants, Africa offers enormous potential," stressed Mr Mwangi.
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