Africa needs significant investment to end extreme poverty: BanListen /
To end extreme poverty and provide inclusive prosperity, Africa needs an enabling environment to promote investment, the right kind of investment and the wise management of the proceeds.
That's what UN Secretary-General Ban Ki-moon told a High-Level General Assembly debate on investment in Africa.
Much of the foreign direct investment that has gone into the continent has been related to resource extraction and exports, he noted.
Not enough has been channelled into vital development needs, he added.
"There are many critical financing gaps, especially in agriculture, infrastructure and industrialization, which are now the focus of Africa's development agenda. African smallholder farmers need to increase their agricultural yields and move up the agricultural value chain to address food security and poverty. To do that, they require better access to technology, fertilizer, irrigation and finance. They need functional road and rail systems. And they need modern energy."
United Nations economists estimate that Africa's overall growth will exceed 5 per cent in 2015, but poverty and inequality remain widespread.
The Secretary-General said Africa will need significant investment to deliver on the post-2015 development agenda that is in the works.
Jocelyne Sambira, United Nations.