Private sector

Illicit outflows: no end without global cooperation

Addis Ababa: The recently concluded conference on development finance was remarkable. It was a platform to raise concerns, to debate on issues and to propose suggestions.  A consortium of civic associations took this opportunity to raise their voices on major issues that are crippling developing countries - illicit financial outflows and tax avoidance by multinational companies (MNCs).

Kaberuka: Inclusive business is a key contributor to SDGs implementation

Abidjan: The African Development Bank President Donald Kaberuka has called for enhancement of policies to strengthen their role in growing inclusive business. Inclusive business, he said was an effective means of increasing private sector contribution towards Sustainable Development Goals (SDGs). President Kaberuka was speaking at a forum, “Inclusive Business as a contributor to the SDG implementation”, which was held at the sidelines of the Financing for Development conference.

A call for comments: SDG business monitoring framework

The World Business Council for Sustainable Development, the UN Global Compact, and the Global Reporting Initiative are developing a business monitoring framework for the UN Sustainable Development Goals.  The second draft of SDG Compass is released for public consultation, and we very much welcome your feedback. 

Reviewing implementation of the post-2015 Agenda: UN HLPF debate

New York: The High-level Political Forum on Sustainable Development began its 2015 annual session (Friday 26th), with a focus on its role in reviewing the implementation of the post-2015 development agenda.

Foreign direct investment inflows to Africa remained stable in 2014, UN report says

Foreign direct investment (FDI) inflows to Africa as a whole remained stable at $54 billion in 2014, with decreases in North Africa being offset by rises in Sub-Saharan Africa, UNCTAD’s World Investment Report 2015 has revealed.

African countries urged to pay attention to domestic resource mobilization

Abidjan: African countries have been asked to look within themselves to mobilize resources for development because the resources are available. During “The Future of Financing for Development in Africa” session at the 50th Annual Meeting of the African Development Bank in Abidjan, Côte d’Ivoire, Monday, May 25, 2015, two of the speakers reiterated the need for African countries to develop the capacity to mobilize resources locally instead of looking to raise financing for development from outside their countries.

The United Nation’s new app to track huge illicit cash transfers

Nairobi:  Kenya could soon get a breakthrough in monitoring the movement of illegal cash shipped out of the county by multinationals through a new tracking tool developed by the United Nations. The new application could see Kenyans follow all international payments exceeding a specified threshold on the Illicit Financial Flow Web tracker developed by the UN’s Economic Commission for Africa (ECA).  The commission is based in Addis Ababa, Ethiopia.

Africapitalism as a catalyst for development in Africa

Oxford: Today is a continuation of a conversation I started in November 2014 with a piece in The Economist where I declared that 2015 would be ‘The Year of the African Entrepreneur’ and backed it up in December by launching the $100 million Tony Elumelu Entrepreneurship Programme, also known as TEEP. This programme is identifying and providing mentoring, training, networking, and funding for 1,000 African start-ups per year for the next ten years.

Tony Elumelu: Entrepreneur-led development - a new model for Africa

Washington: I accepted this invitation to speak to you because as the future foreign services officers and business leaders of America, your perspective on development will influence US policy and investments in Africa. I am honoured to speak in this prestigious institution, founded on Catholic principles including solidarity, care for the poor, the dignity of work and working for the common good. These principles can also be found at the heart of the international development agenda.

I will start by stating the obvious.

Strengthening the private sector to boost continental trade and integration in Africa

Africa needs a dynamic and vibrant private sector to seize existing opportunities in the trading system, says a new UNCTAD Policy Brief. The document identifies some key elements of a credible policy package to promote private sector development and boost intra-African trade. Regional trade has the potential to contribute to sustained growth, poverty reduction and inclusive development. It has played this role effectively in several countries in Asia and Latin America.

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