World Bank, IMF Urge Africans to Ease Private Investment AccessSource: www.export-egypt.com 8/6/2018, Location: Middle East |
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The World Bank and the International Monetary Fund (IMF) urged African countries to remove barriers to private sector investment, encourage small and mid-sized enterprises and adopt integrated policies to reach sustainable economic growth.
African countries have agreed to establish special economic zones, boost domestic and foreign direct investments and provide tax incentives for investors, read a statement released after World Bank/IMF African Caucus annual talks at Egypt's Sharm El-Sheikh resort. In its declaration, the meeting emphasised the need to accelerate and expand the scope of projects, particularly in the agriculture and energy sectors, enabling manufacturing and export value chain competitiveness. It called on African governments to prioritise projects of a development and social impact in their utilisation of World Bank funding. Additionally, Egypt's Investment Minister Sahar Nasr said African nations at the talks, including a total 40 countries some non-African, saw eye-to-eye on the need to create innovative solutions for private-public joint ventures aimed at infrastructure projects. |
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