Unleashing private capital for Africa: Regulation & public finance reform
The Executive Secretary of the African Capacity Building Foundation, Mamadou Biteye says resources held by private individuals remain largely untapped and to finance Africa’s development agenda requires tapping into this funding pool through equity and other approaches which come at lower costs near concessional rates. In a chat with CNBC Africa, he notes the Foundation’s 4-year training programme for actors in government parastatals is centered around achieving higher accountability, inclusiveness to make public finance management more purpose-driven in Africa.
Fri, 31 May 2024 15:46:54 GMT
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AI Generated Summary
- Tapping into private capital and improving public finance management are key to financing Africa's development agenda
- Mobilizing resources held by private individuals through equity and other approaches can provide significant funding for development projects at lower costs
- Enhancing regulatory capacity and building soft skills in public finance management are crucial for attracting investments and ensuring efficient resource allocation
In a recent interview with CNBC Africa, Mamadou Biteye, the Executive Secretary of the African Capacity Building Foundation, highlighted the importance of tapping into private capital to drive development in Africa. He emphasized the need for well-regulated markets and improved public finance management to unlock the resources held by private individuals. Biteye pointed out that African countries often lose significant resources due to inefficient public finance management, delayed decision-making, inappropriate decisions, and corruption. He stressed the importance of integrity, good governance, and fighting against illicit financial flows to ensure sustainable development in the region. Biteye also addressed the need for better negotiation strategies to maximize returns on the continent's resources and curb resource evasion through illicit means. Talking about the available sources of finance, Biteye noted that private individuals hold a substantial amount of resources that remain largely untapped in Africa. He suggested mobilizing these private funds through equity and other approaches to finance development projects at lower costs, similar to concessional rates. Biteye also discussed the importance of enhancing regulatory capacity in African markets to attract private investments and ensure a well-protected environment for investors.
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