Business complement to Africa's NEPAD development initiative is launched

Monterrey, Mexico, 19 March - A business alliance dedicated to helping Africa to realize its full economic potential was launched today at the UN Conference on Financing for Development.

The new group, Business for Africa, comprises business organizations with constituencies both within and outside Africa. It aims to work with the New Partnership for African Development (NEPAD), a self-help plan by African governments spearheaded by South African President Thabo Mbeki and the Presidents of Nigeria, Senegal, Algeria and Egypt.

NEPAD's programme promotes democracy and good governance as essential components of economic development. The business organizations forming Business for Africa seeks to boost the private sector throughout the continent and to encourage governments to pursue policies that will encourage both domestic and foreign investment.

Members of Business for Africa are the International Chamber of Commerce, African Business Roundtable, the Business Humanitarian Forum, Commonwealth Business Council, Conseil Français des Investisseurs en Afrique, Forum Francophone des Affaires, and the International Business Leaders Forum.

Commenting on the launch of the business group, Alhaji Bamanga Tukur, Chair of Business for Africa, said: "The key to realising Africa's great potential will be the creation of public and private sector partnerships.

"It is only by harnessing the expertise and entrepreneurial spirit of the business community that Nepad's bold vision for a new Africa can become a reality."

The business initiative aims to be a clearing house for information on investment opportunities in Africa and to foster development of private business throughout the continent, especially small and medium-sized enterprises. Hubert Danso, the new group's secretary, said: "We intend to provide a knowledge tool for all involved in Africa's development, and especially NEPAD. Each of the seven founding members of Business for Africa brings special expertise that will provide powerful support from the private sector for the NEPAD initiative."

In that way, Business for Africa plans to form a private sector counterpart to the purely government initiative of NEPAD, which is backed by all members of the Organization for African Unity. NEPAD has won support in the industrialized countries as a welcome step by Africans to boost their economic growth by encouraging peace and stability, poverty reduction and regional cooperation.

Among the challenges facing African governments are dwindling foreign investment and birth rates that outstrip economic growth. The World Trade Organization's Deputy Director-General, Ablasse Ouedrago, noted this month that over the past decade, annual economic growth in Africa averaged 2.1%, while population growth was 2.8%.

Business for Africa has opened its own website at www.africaplc.com. The site will provide practical information on private sector development in Africa. It will focus on business best practices, company experiences and dialogue among business, governments and official institutions supporting NEPAD and African development.