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| Investors beam search lights on NEPAD
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By Napoleon VIBAN
PANA Staff Writer
Dakar, Senegal (PANA) -
The loud applause drawn by the
New Partnership for Africa's Development months after
its initiators sold the blueprint to donors and private
investors, makes the challenge even more pressing for
African governments to keep their part of the deal.
At the just-ended 15-16 April Dakar conference to drum
up private sector support, NEPAD Steering Committee
chair, Wiseman Nkuhlu spoke of wide endorsement and
pledges from the European Union, the World Bank and IMF.
Corroborating that affirmation, World Bank Vice President
Calisto Madavo told delegates at the conference the Bank
saw in NEPAD a solid framework for poverty reduction, among
other concerns of Africa.
He said NEPAD provides Africa with a mechanism that could
make a difference after previous failed attempts at defining
a common and concerted approach to development.
Madavo said the World Bank was committed to giving the
initiative "financial and technical support," adding that
it was already in dialogue with the NEPAD Steering Committee.
More words of commendation came from other institutions
including the UN Development Agency (UNDP), whose Associate
Administrator Zepherin Diabre, highlighted NEPAD's insistence
on good governance as crucial to peace and stability.
"I confirm our strong commitment and full readiness to
assist you in making NEPAD a fantastic success," Diabre
pledged at the Dakar conference.
Similarly, business representatives, particularly from
the US, joined the NEPAD bandwagon with Stephen Hayes of
the 185-member strong US Corporate Council on Africa
affirming that the group was in Dakar "to offer our
partnership" to NEPAD.
Even US President George W. Bush sent a goodwill message
to the conference re-stating Washington's support and citing
the Millennium Challenge Account earmarked within the ambit
of Official Development Assistance (ODA).
But the eulogies apart, both donor and private sector
representatives cautioned that Africa must deliver on
NEPAD's promises of political and economic reforms needed
to allay investors' fears.
Speakers took turns to point out that donors and investors
alike are seeking assurances that African governments mean
business this time round.
"We will watch with great interest how you implement good
governance," Bush said in his message, stressing that
assistance would be on the basis of unblemished governance
and proven commitment to tackling poverty, and investing in
health and education.
Even as US Africa Millennium Fund manager Frank Savage
admitted that Americans were impressed by the "quantity,
quality and variety of investment opportunities in Africa,"
he warned that investors could take their funds elsewhere
unless the continent proved safe for business.
The same concern was raised by Madavo, who argued that if
African governments delivered on accountable governance and
fine-tuned their economies to the requirements of investors,
"the challenge would be on the side of donors and foreign
investors."
According to him, the challenge, at least in the short term,
is for NEPAD to develop credibility, warning that after the
outlines of the development plan, "critics are now looking
for action."
With the onus of commitment now on Africans, given that
donors and private investors have openly declared their
interest, Madavo suggested that NEPAD advocates focus on
a few initiatives that could be quickly developed to prove
the scheme's credibility.
Judging from the trend of comments at the Dakar conference,
the democratisation process in Africa is emerging as key
determinant in the attitude of donors and private investors
on partnership with NEPAD.
It was little surprise that during the debates, one of the
issues repeatedly raised was the controversial March
presidential poll in Zimbabwe, with business representatives
from the US wondering how NEPAD authors Nigeria (Olusegun
Obasanjo) and South Africa (Thabo Mbeki) could have
approved what observers widely dismissed as a flawed
election process.
Senegalese President Abdoulaye Wade spoke up for his two
colleagues, arguing that it would be inappropriate to fault
the commitment of African leaders as a bloc on the presumed
transgressions of one of them.
He suggested that in gauging commitments to good governance
and democratisation, donors and investors should deal with
governments on case-by-case basis, adding: "we cannot
mobilise and fan across the continent forcing errant regimes
to fall in line with NEPAD."
But the fact that the election in Zimbabwe resurfaced at the
Dakar conference is a pointer to type of challenges NEPAD is
likely to encounter at fighting the stigma of political and
economic corruption.
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| Dakar - 16/04/2002 |
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