The Economic Commission for Africa (ECA) on Tuesday launched its flagship Economic Report on Africa (ERA), empowering the continental private sector to thrive and drive the economic growth and recovery. The report titled: “Innovative Finance for Private Sector Development in Africa,” looks at innovative financing as a way of providing solutions to the challenges of private sector financing, to increase its resilience to the effects of the global coronavirus pandemic.
The report was presented during a virtual launch attended by some of Africa’s most eminent minds in the business and finance sectors, government officials, civil society, academia, representatives of the public and private sectors, as well as development partners.
In remarks made at the launch, Dr Vera Songwe, Executive Secretary, expressed the hope that the analysis in the ERA would allow stakeholders, particularly during, and in the post-COVID-19 pandemic, to look at how financing and innovative tools for infrastructure, agriculture and technology, are designed as the Continent tries to build forward out of the COVID-19 pandemic.
The report examines the innovative financial instruments, practices and policies required to enable African countries to make a step-change in growing the gamut of businesses, including start-ups, micro and small enterprises, social enterprises, professional businesses, exchange- listed corporates, and public-private companies, that will drive inclusive economic growth, create jobs and pathways to better livelihoods for African people.