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Zoelick urges financing for African countries

Zoelick urges financing for African countries
Written by Florence Bupe
Friday, August 28, 2009 2:55:57 PM

WORLD Bank president Robert Zoellickhas urged developed economies to ensure that African countries get financing and market access ahead of the next G-20 summit.

In his report following a tour of some African countries, Zoellick said it was imperative for the G-20 summit to assist developing economies invest in infrastructure, agriculture and basic manufacturing.

“Major developing countries are now investing in infrastructure, agriculture, resources and perhaps basic manufacturing. The G-20 summit should push this transformation ahead by ensuring that poor countries get financing, backing private sector investments and opening markets to African goods,” he said.

Zoellick advised that the summit should connect globalisation with African opportunities to make it both inclusive and sustainable.

He said the G-20 summit should aim at building multiple poles of global growth by exploring investment opportunities on the African continent.

“Overtime, investments in Africa can also expand sources of demand, including for the capital goods and services of developed countries,” he noted.

Zoellick reiterated that new roads, river transport and railways were vital in building national cohesion and regional integration, as well as access to the sea for landlocked countries.

He further emphasised the importance of the agricultural sector to the growth of most African economies, pointing out that more than 80 per cent of the populations were dependent on agriculture for their livelihood.

Zoellick observed that Africa’s economic standing was still resilient, despite the challenges posed by the global economic recession.

“The financial crisis has wounded Africa, but Africa’s vision for the future has remained resilient,” said Zoellick.

Labels: NEOLIBERALISM, ZOELLICK

posted by MrK @ 1:58 PM