africa

Yale Center for the Study of Globalization
and accountable. On private sector development, the Bank has over the last few
years enhanced and ramped up its financing for Africa’s private sector tenfold.
We have decided to go where others fear to tread, in order to open the doors. We
are encouraging PPPs in a number of our projects. The Bank is providing robust
risk-mitigation instruments, including partial risk guarantees which reassure the
sponsors and unlock financing for complex projects. We are leading the way in
deepening capital markets to mobilize Africa’s own savings. The Bank is leading
discussions and efforts to have Africa enter global value chains, especially in the
field of natural resources. This is in fact the theme of our annual meeting this year
in Kigali, Rwanda. To deal with inequality, we are aggressively embedding inclusive
growth in our projects and have made inclusive growth (along the gender, age, and
geography dimensions) one of the five pillars of the Bank’s ten-year strategy. Africa
must embrace inclusiveness to sustain growth.
References
Bertocchi, Graziella, and Fabio Canova, 2002. “Did colonization matter for growth?
An empirical exploration into the historical causes of Africa’s underdevelopment,”
European Economic Review 46: 1851-1871.
Gallagher, K., 2006. Putting Development First: The Importance of Policy Space
at the WTO. Zed Press.
McWilliams, W. C., and H. Piotrowski, 2005. “Africa.” In The World Since 1945: A
History of International Relations. London: Lynne Rienner Publishers, Inc.
Young, Crawford, 1994. The African Colonial State in Comparative Perspective.
New Haven, CT: Yale University Press.
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