798 (XXX). Promotion of private investment in Africa

The Conference of Ministers,

            Mindful of the large untapped investment opportunities in Africa and that investments on the continent could yield higher returns than in other regions of the world,

            Conscious of the importance of private investment to the growth and development of African countries,

            Considering the insufficiency of foreign private capital flows to and local investments in the African countries,

            Recalling the need for African countries to create an environment conducive to private sector development and both domestic and foreign investment,

            Noting with satisfaction the commitment of African countries to carrying out the necessary reforms, adopting appropriate policies and creating the institutional framework and machinery that would attract private investment,

            Welcoming the ongoing efforts to build and strengthen partnerships in this area, particularly the initiatives taken by the Economic Commission for Africa, the United Nations Industrial Development Organization, the United Nations Conference on Trade and Development, the World Bank Group and other like-minded multilateral development institutions,

            1.         Calls upon African countries to intensify their efforts to create and maintain an enabling environment for private sector development and the growth of private capital inflows, especially in productive activities through the institution of the necessary macroeconomic framework which would emphasize improving infrastructural and human development resources capacities;

            2.         Invites Africa's development partners to extend every necessary support for improving investment conditions for both domestic and foreign investors through increasing the flow of official development assistance resources, implementing comprehensive debt-relief programmes, supporting the efforts of African countries to improve and enhance their financial intermediation capabilities, upgrading infrastructure and participating actively in the promotional activities of African countries;

            3.         Invites all African countries and development partners to attend and participate actively in the regional forum on private investment in Africa to be held in Accra, Ghana in November 1995;

            4.         Requests the Executive Secretary of the Economic Commission for Africa, the Secretary-General of the Organization of African Unity, the Director-General of the United Nations Industrial Development Organization, the Secretary-General of the United Nations Conference on Trade and Development, the President of the African Development Bank and the World Bank Group to provide African countries with the technical and financial assistance they need to promote private sector and private investment.