Conclusions from the G8

The 2005 G8 summit in Gleneagles has come to an end. Despite where you stand on what was (or was not) accomplished, here is what they say about private sector development in the summit’s final statements:

“Private enterprise is a prime engine of growth and development. Enhancing governance and the rule of law will attract more and broader private investment, including FDI, which is the basic condition for inclusive growth. African countries need to build a much stronger investment climate: we will continue to help them do so, including through the promotion of a stable, efficient and harmonised legal business framework (noting the work of the OHADA business legal unification process and the improvement of the investment climate through the OECD/NEPAD Investment Initiative) and increased access to finance including strong support for the development of micro-finance in Africa. Partnership between the public and private sectors is crucial.”