A Decade of NEPAD - Economic Commission for Africa - uneca

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36 A Decade of NEPAD: Deepening African Private Sector and Civil Society Ownership and Partnership Zambia-China Economic and Trade Cooperation Zone, as China’s first trade cooperation zone in Africa, has been initially completed and put into operation. In support of the Africa Union, China has also started constructing the African Union Conference Centre and it is scheduled to be completed in 2011. At the most recent FOCAC summit in November 2009 in Egypt, the delegates agreed that with the joint efforts of African Public Sector Support As significant as the international public support for AU/ NEPAD and African regional integration has been, it is important to also acknowledge the continental efforts that African Development Bank Since the inception of NEPAD, The African Development Bank (AfDB) has been looked to by the African Union as the key catalyst for the mobilization of technical and financial resources for investment in the NEPAD projects, particularly infrastructure projects, which have been a continuing priority. In addition to infrastructure, financial market integration and the improvement of banking standards has been another key area of important focus by the AfDB in support of NEPAD. To facilitate its role as a lead supporter of NEPAD, the AfDB established the “NEPAD Support Unit” in January of 2004. The Unit was later renamed the Office of NEPAD, Regional Integration and Trade or ONRI. Additionally, the AfDB moved away from its historical sole focus on national funding programmes and established Regional Departments to look at cross cutting regional issues and infrastructure projects. The Bank was also designated as a strategic partner to the African Peer Review Mechanism (APRM). The role of the partner institutions was to be mainly that of providing technical assistance and advisory services to the NEPAD structures. Overall, during the past eight years the AfDB has been a catalytic financier of infrastructure initiatives on the continent and a major syndicator of further investment from other bilateral and international financiers and from private financiers. The AfDB has been an advisor and both sides, the implementation of the follow-up actions of the Beijing Summit had been satisfactory with fruitful cooperation on politics, economy, trade, social development, humanities, personnel exchanges and the Forum mechanism building. At the summit, China’s Premier Wen Jiabao also pledged US$10 billion in new loans to African nations as part of China’s interest in boosting Sino-African co-operation and the continent’s development. 48 48 www.fmprc.gov.cn/zflt/eng/ have begun to accelerate toward the alignment of public policy and the mobilization of public financial resources in furtherance of NEPAD’s objectives and implementation. knowledge broker of note, providing technical assistance on national and regional infrastructure projects and working in partnership with other specialists and stakeholders to promote concerted and complimentary project development and implementation. Key programme and project focus areas to support NE- PAD have been undertaken toward capacity building, partnership building, and improvement of the enabling environment (i.e. policy and legislative harmonization and regulation reforms. In February 2008, the AfDB, Economic Commission for Africa, African Union Commission and NEPAD agreed to restructure and merge their existing Africa infrastructure development initiatives, the AUC Master Plan Studies/ Continental Policy Initiatives and the NEPAD Medium and Long Term Strategic Framework (MLTSF) Study, respectively, into a more coherent and strategic framework that would serve as a common platform for defining, implementing and monitoring regional and continental infrastructure development in Africa. The new aligned initiative was given the name the Programme for Infrastructure Development in Africa (PIDA). The AfDB was designated as the executing agency for the guiding PIDA study, and a Joint Working Group was established to align existing initiatives covering the four
principle infrastructure sub-sectors: Transport, Energy, ICT and Trans-boundary Water Resources. The objectives of PIDA are to assist African decision makers in their efforts to: 1) establish a framework for development of regional and continental infrastructure, 2) establish an infrastructure development programme around key priorities and time lines, and 3) prepare an implementation strategy and process. The PIDA study is expected to be completed in 2011. In addition, the AfDB has begun to designate more of its funding on projects and initiatives related to regional integration. During the last replenishment of the African Development Fund, the Bank’s ADF XI funding effort for the period from 2008-2010, 17.5% was targeted at projects supporting regional integration. Planning is currently underway for the ADF XII round and 25% is intended to be allocated to support regional integration between 2011-13. Besides the unique AfDB initiatives that directly and indirectly support the AU/NEPAD programme, the Bank is also involved in a variety of partnerships and initiatives that also focus on mobilizing and leveraging technical Pan African Infrastructure Fund One of the hallmarks of the NEPAD philosophy has been that of African self-help, and the ethos that African ownership comes with African responsibility to mobilize African domestic resources toward the achievement of Africa’s socio-economic development programme. While much more can be done toward this end, the establishment of the Pan-African Infrastructure Fund in 2007 was a testament to the efforts of NEPAD’s leadership to mobilize a fund comprised significantly of African pension fund assets. Conceptualized in 2006, and driven by former South Africa President Thabo Mbeki and meant to be illustrative of how African pension funds could and should pool resources to finance African led projects, a principal initial investor in the PAIF was the South African Government Employees Pension Fund (GEPF). GEPF has roughly US$100 billion under management, managed by the Public Investment Corporation. 3. Public Sector Support for NEPAD A Decade of NEPAD and financial resources for Africa’s development 49 . These initiatives include: ӹ The African Fertilizer Financing Mechanism ӹ The African Financial Markets Initiative ӹ The African Financing Partnership ӹ The African Legal Support Facility ӹ The African Peer Review Mechanism ӹ The African Water Facility ӹ The African Women in Business Initiative ӹ The Congo Basin Forest Fund ӹ The Enhancing Private Sector Assistance for Africa Initiative ӹ The Fragile States Facility ӹ The Health in Africa Fund ӹ The Investment Climate Facility ӹ The Joint Africa Institute ӹ The Making Finance Work for Africa Partnership ӹ The Migration and Development Initiative ӹ The Multi-donor Water Partnership Program ӹ The Multilateral Debt Relief Initiative ӹ The Rural Water Supply & Sanitation Initiative ӹ The Strategic Partnership with Africa ӹ The Trade Finance Initiative 49 www.afdb.org/topics&sectors/initiative&partnerships By 2007, $625 million had been raised by the fund and the fund was officially launched in August 2007. The near term target was to capitalize the fund at $1billion and attract up to $20 billion over its 15 year lifespan. PAIF is currently managed by the private equity firm Harith and seeks to invest in public private partnerships across Africa. Key investors and stakeholders in the Fund beyond GEPF include: the Development Bank of Southern Africa, the African Development Bank, the Social Security and National Insurance Trust of Ghana and leading South African private financial institutions: ABSA Bank, Old Mutual Life Assurance Company, Liberty Life Group Limited, Standard Bank and Metropolitan Life Limited. 50 The Fund is currently in the process of establishing offices in north, east and west Africa to compliment its headquarters in Johannesburg, South Africa. 50 www.harith.co.za 37
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Conclusion The African Union’s NE
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References AfDB (2009) Africa’s D
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