7apsf
Activities
7th African Private Sector Forum: “Actions speak louder than words”
The AUC and the Islamic Corporation for the Development of the Private Sector (ICD) sign agreement to promote sustainable economic and social development in Africa.
Nairobi, Kenya, 03rd December 2014 – The African Union Commission (AUC) and the Islamic Corporation for the Development of the Private Sector (“ICD”), the private sector arm of the Islamic Development Bank Group (“IDB”) today signed a Memorandum of Understanding (MoU) to develop a platform through which to enhance ties between the Islamic world and the African continent.
The agreement will facilitate the launch of a framework to encourage cooperation between the ICD and AUC to promote economic, financial and social development of member states; as well as to develop an advisory process to identify challenges and address impediments to this mutual collaboration. In addition, it will support the private sector development across the respective regions. The parties will work towards the generation of a consolidated Plan of Action designed to mobilize private sector partners and resources for the implementation of joint priority programs (co-financing AUC private sector projects, providing advisory services to African governments….).
“The MoU will enhance and strengthen the coordination of complementary activities, interests and capacities between the ICD and AUC towards promoting private sector development, investment, and resource mobilization in Africa through unlocking business potential: including mobilizing foreign direct investment in various economic sectors within the key priority sector programs and projects identified by the ICD and AUC,” explained H.E. Khaled Al Aboodi, CEO of ICD.
“The cooperation between ICD and AUC will constitute a platform to strengthen ties between the respective regions and facilitate a consultative / advisory process to address issues that stand in the way of enhancing economic and commercial relations between ICD and AUC Members States. The purpose of this Memorandum is also to provide a general framework for and to facilitate cooperation between ICD and the AUC in promoting the economic, financial and social development of their respective Member States qnd set out a common approach between the AUC and ICD to support private sector development in their respective institutions,” mentioned H.E Erastus Mwencha, Deputy Chairperson of the AUC.
The agreement was signed alongside the AUC’s 7th African Private Sector Forum, the largest forum for private sector in Africa, which unites leading international companies and business representatives with policy makers to discuss new investment and business opportunities in the continent.
Press Release Nº343/ 2014
7th African Private Sector Forum gets underway:
“Time has come for the Private Sector to unlock Africa’s potential”
Nairobi, Kenya, 03rd December 2014 – The 7th African private sector forum, spear headed by the department of economic affairs of the African Union Commission (AUC) got underway today in Nairobi, Kenya with aims to enhance understanding of the role of the private sector in the development of the Continent as well as to define innovative financing mechanisms for SME/SMI and propose recommendations on way-forward..
Held under the theme “Promoting Africa’s Private Sector for inclusive growth: Exploring innovative mechanism of funding”. the forum aims to engage policy makers and representatives of the private sector in policy dialogues and various interest specific debates on emerging issues identified within the growth trajectory of the Continent..
Dr. Mustafah N. Gunay, Secretary General of the Confederation of Businessmen and Industrialists of Turkey expressed his instituition’s readiness to enhance and promote private sector development by exchanging best practices, key skills and expanding already fruitful business opportunities as well as increased investment.
Speaking on behalf of H.E. Dr. Khaled Al Aboodi, CEO of the Islamic Corporation for the Development of the Private Sector (ICD), the representative expressed the need for enhanced collaboration between the two regions through the implementation of a framework that would streamline complementary efforts and promote resource mobilization and investment that would effectively involve the private sector in the developmental ideals of the two regions.
“Time has come for the Private Sector to unlock Africa’s potential” said Dr. (Eng) Karanja Kibicho, Principal Secretary, Ministry of Foreign Affairs and International Trade of Kenya in his welcomie remarks. He stressed the need to translate sometimes inflated double digit growth numbers recorded in numerous countries in the Continent into tangible changes at grass roots level through increased job creations, proper wealth distribution and effective poverty reduction..
Opening the forum, the Deputy Chairperson of the AUC, H.E. Mr. Erastus Mwencha insisted on the need to get concrete initiatives to effectively place the private sector at the forefront of continental developmental agendas such as Agenda2063 and PIDA. He further stressed the need to develop relevant skillsets through targeted education, build proper infrastructure and avail inclusive but regulatory policies to curb unemployment and push Africa towards sustainable socio-economic development.
In his comprehensive keynote speech, H.E. Anthony M. Maruping, AUC Commissioner for Economic Affairs highlighted known challenges and policy red tapes that have hindered private sector development and entrepreuneurship. He insisted on the need for an improved Pan African Investment network, a classification of top African companies and the creation of an enabling environment through the AU Private Sector Development Strategy for 2015-2017. He mentioned the need to increase credit flow, reenforce financial institutions, implement consistent policies at the macro and sector levels, “No Active Indigenous Private Sector, No “Africa Rising”, No Inclusive and Transformative Growth.” Said the Commissioner.
In line with cooperative initiatives within the Continent, the Forum witnessed the signature of two memorundom of understandings between the AUC and Islamic Corporation for the Development of the Private Sector (“ICD”) as well as between the AUC and the NEPAD Business Foundation on regional and development cooperation aimed at accelerating cooperation and the development of the African Private Sector.
In attendance are African Trade and Industry Ministers, representatives of the African Private Sector, RECs, United Nations agencies, Pan-African financial institutions, African academics and research institutions, development partners and other intergovernmental organizations.
For more information please contact the following AUC Officials:
Mr. Djamel Ghrib, Head of Division, Private Sector Development, Investment and Resource Mobilization, Email: DjamelG@africa-union.org
Mr. Liwaaddine Fliss, Senior Policy Officer, Private Sector Development, Investment and Resource Mobilisation, Email: Liwaeddinef@africa-union.org
Mr Islam Swaleh, Policy Officer, Private Sector Development Investment and Resource Mobilization, Email: SwalehI@africa-union.org
For Interviews and media related queries please contact:
Mr. Michael Fikre, Directorate of Information and Communication, Email: MichaelF@africa-union.org, m_fikre@hotmail.com, Cell: +254 727 548 983
Or visit: http://pages.au.int/7apsf
INVITATION TO REPRESENTATIVES OF THE MEDIA
What: 7th Africa Private Sector Forum.
When: 3rd – 5th December 2014
Where: Panari Hotel, Nairobi, Kenya
Time: 9:00 AM – 6:00 PM
Who: African Union Commission
Objective:
Declaration of the 7th Africa Private Sector Forum; Enhanced understanding of the role of the private sector on inclusive, sustainable growth and the implementation of the Continental Free Trade Area; and Concrete measures for the enlargement of new innovative financial opportunities for SME/SMI in Africa.
Participants:
Over 300 participants are expected to attend the 2014 edition of the African Private Sector Forum. Participants to the Forum will include African Trade and Industry Ministers, representatives of the African Private Sector, RECs, United Nations agencies, Pan-African financial institutions, African academics and research institutions, development partners and other intergovernmental organizations.
Background:
Considering the critical role that the private sector is expected to play in the inclusiveness of growth and integration of the African continent, in particular its contribution to poverty reduction through investment and employment creation, the AU Commission organizes an annual African Private Sector Forum. This initiative is in line with the AU Executive Council Abuja Decision Number EX/CL/Dec.183 (VI), which institutionalized the African Union Private Sector Forum. The Forum is a key instrument of interface and partnership between the African Union policy makers and the private sector. The Forum also acts a vehicle for empowering the African Private Sector through advocacy, sharing business and market information and skills. In light of the foregoing, the African Union Commission plans to organize the 7th Africa Private Sector under the Theme: “Promoting Africa’s Private Sector for inclusive growth: Exploring innovative mechanism of funding”.
Among the key features of the Forum are high-level policy dialogues, plenary sessions and parallel sessions. In order to focus the Forum and its recommendations, Parallel sessions will be set up according to specific interest and emerging issues of the African private sector. The plenary sessions will allow influential business leaders to debate general issues of critical importance for private sector sound development in Africa. Speakers will share their experience and views and debate what efforts should be made to unlock opportunities and achieve success. The topics of the sessions are:
• Role of the private sector in catalyzing the inclusive growth and development
• Expanding long-term finance for private sector development in Africa: The role of Commercial and Development Banks
• Innovative sources of funding for private sector development: Capital market, Private equity and Blending
• Innovative sources of funding for private sector development: Capital market, Private equity and Blending
• Impact Investment in Africa – Challenges, Success Stories, Lessons Learnt and Opportunities for Growth
• Doing Business in Africa: From perception to reality
• Sustainable Energy Impact Investment
• Africa’s future: Creating an engine for inclusive growth by enlarging business opportunities for youth and women
• Technical and Vocational Training for private sector innovation and competitiveness
• Follow-up of the 5th EU-Africa Business Forum (EABF)
• Building inclusive financial systems in Africa: The role of Microfinance and mobile banking in private sector development
• African Union Private Sector Development strategy: the private sector facing the challenges of competitiveness and structural transformation in Africa
Media representatives in Nairobi are invited to take part and cover the meeting.
For more information please contact the following AUC Officials:
Mr. Djamel Ghrib, Head of Division, Private Sector Development, Investment and Resource Mobilization, Email: DjamelG@africa-union.org
Mr. Liwaaddine Fliss, Senior Policy Officer, Private Sector Development, Investment and Resource Mobilisation, Email: Liwaeddinef@africa-union.org
Mr Islam Swaleh, Policy Officer, Private Sector Development Investment and Resource Mobilization, Email: SwalehI@africa-union.org
For Interviews and media related queries please contact:
Mr. Michael Fikre, Directorate of Information and Communication, Email: MichaelF@africa-union.org, m_fikre@hotmail.com, Cell: +254 727 548 983
Or visit: http://pages.au.int/7apsf
Topic Resources
Time keeping guidelines for Moderators and Panelists and Background Notes for the Sessions
7th Africa Private Sector Forum
“Promoting Africa’s Private Sector for inclusive growth: Exploring untapped mechanism of funding”
03 to 05 December 2014 in Nairobi, Kenya
Time keeping guidelines for Moderators and Panelists and Background Notes for the Sessions
7th Africa Private Sector Forum
“Promoting Africa’s Private Sector for inclusive growth: Exploring untapped mechanism of funding”
03 to 05 December 2014 in Nairobi, Kenya