The African Development Bank (AfDB) and representatives of some Development Finance Institutions (DFIs) recently met at the University of Oxford for a follow-up forum to strengthen private investment inflows into fragile or conflict-affected economies.
The Commission for State Fragility, Growth and Development, a partnership of the World Bank Group’s International Finance Corporation, CDC, the United Kingdom’s DFI and International Growth Centre of the London School of Economics organized the meeting. Participating institutions agreed to cooperate in rolling out pilot interventions in a number of fragile states.
The AfDB, which co-organised the forum, agreed to lead a pilot intervention in Madagascar going forward. The bank also said it will participate in joint implementation of pilot programs in Ethiopia, Democratic Republic of Congo and Sierra Leone. Former Bank president Donald Kaberuka co-chairs the Commission with David Cameron, a former prime minister of the U.K.
According to a press release issued by the bank, “one impetus for the meeting is the need to accelerate the implementation of the Sustainable Development Goals of the UN 2030 Agenda for Sustainable Development, which projections indicating that roughly half of the world’s extreme poor will live in fragile states by 2030.
“The trend underscores the critical importance of fully engaging the private sector in developing solutions that will help improve human lives. DFIs are well-placed to contribute to job creation and economic transformation in fragile environments as well as for youth and women.