African Development Report 2011 - “Private Sector Development as an Engine of Africa’s Economic Development”
African Development Report (ADR) 2011 entitled “Private Sector Development as an Engine of Africa’s Economic Development” discusses the need to focus on the private sector in order to spur economic development on the African continent. While the debate over the respective roles of the private and public sectors has evolved since the 1990s, the private sector remains central to generating the jobs and economic growth that the continent badly needs to lift greater numbers out of poverty and build a more equal society. Given this realization that private sector development can help reduce poverty, the Report examines the challenges facing private sector development, and highlights ways to address these challenges, taking country differences into account. It concludes by discussing the Bank’s role in support of private sector development.
Governments, in cooperation with the private sector and civil society, must spearhead the efforts to create the conditions for business to thrive and contribute to a better life for all. The African Development Bank is committed to helping governments on the continent realize the full economic potential and nurture private sector throughout Africa.
- The African Development Bank has been promoting private sector development for over 40 years and is committed to working with its development partners to support it. To generate greater developmental impact, the Bank is integrating private sector development across all its operations. Its objectives are threefold: (i) supporting regional member countries in improving business-enabling environments, and strengthening their international competitiveness; (ii) broadening participation and inclusion in the private sector and supporting local enterprise development for spurring robust employment creation and improving social well-being; and (iii) encouraging social and environmental responsibility, sustainability, and good corporate citizenship in private sector development.
- Insights from this report are targeted towards existing and potential African and global private sector operators looking to enter or expand in the continent, and to policymakers and development partners that can shape the business climate. This report also promotes increased collaboration and partnership among stakeholders to significantly enhance the ability of the private sector to advance the development process in Africa.
- This report looks at six often inter-related areas that pose challenges to Africa’s private sector development: the legal and regulatory environment, infrastructure development, access to finance, human capital and skills development, corporate governance and cultivating entrepreneurs.