The Economic Commission for Africa has called on member countries to put together a better transparency package to access $13tn of investment to boost economies.
The United Nations Under-Secretary-General and Executive Secretary of ECA, Ms Vera Songwe, said this at the opening of the Conference of African Ministers of Finance, Planning and Economic Development.
The conference, which begun on Monday and closes today, is themed ‘Africa’s Sustainable Industrialisation and Diversification in the Digital Era in the Context of COVID-19’.
Songwe stressed the need for African economies to recover fast, adding that the commission and others in the private sector had created a scheme through which the countries could access funds.
“I want to talk about the African bank, which has been able to provide $8bn to 470 banks in the last year to respond to the crisis. ECA and many others in the private sector have worked together to come up with a scheme to allow us create a liquidity and sustainability facility, by getting money from the private sector, particularly for markets, where we have ready $13tn of investment.
“It will not come, if Africa does not put together a better transparency package, better transparency on the illicit financial flows, and we need the financial community to work with you,” she said.
The ECA executive secretary also called for additional “injection of liquidity” and investments into the African economy to get children back to schools, reduce poverty, create jobs and grow economy.
“A lot of African countries are now using more of the Internet. Schools have access, but we know, as studies in the African Development Bank and others have shown, that Africa can invest in technology, and our youths can use technology to the creation of jobs and poverty reduction.
“So we are asking again that some of those special drawing rights that go to the developed countries be on lend to the developing countries, emerging markets in Africa in particular, so that we can respond,” Songwe added.
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