Private Sector Development
Helping Moldova to stabilize an economic crisis, however, is only the beginning of growing the economy and improving people’s lives. So, where should we focus our efforts now?
Two Tanzanian entrepreneurs: Hadiya and Mzuzi. Hadiya has built a successful micro-business taking advantage of mobile money services, including money transfers and savings products that are low cost and safe, as well as short term micro-loans. But Mzuzi, the owner of a small, 10-person enterprise, is facing a financial crisis despite huge personal drive and inventiveness because of his inability to access credit to expand.
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Youth trained with The Next Economy methodology.
© Cesar Gbedema/Impact Hub Bamako
Last month, Impact Hub Bamako celebrated its first birthday. The first of its kind in Mali, Impact Hub Bamako is part of a global network of more than 15,000 members in more than 80 locations worldwide, from Bogota to Phnom Penh. Combining innovation lab services with incubator and accelerator programs and a center for social entrepreneurship, Impact Hub Bamako provides a unique ecosystem of resources, inspiration and collaboration opportunities for young, creative Malians working towards a common goal.
Co-founded by four young Malians — Fayelle Ouane, Kadidia Konaré, Mohamed Keita and Issam Chleuh — Impact Hub Bamako seeks to promote entrepreneurship and generate youth-driven solutions to Mali’s problems, as well as support women’s entrepreneurship and encourage social entrepreneurs to build a shared vision and work together for a collective impact.
“Establishing a community of young entrepreneurs was very important to us,” says Ouane, “so that everyone can build on and benefit from each other’s expertise and knowledge.” Indeed, Impact Hub Bamako hosts a diverse community of entrepreneurs, strategic advisors, architects, social workers, students, consultants, renewable energy specialists, and experts in agribusiness, ICT and corporate social responsibility.
By providing a shared space to work, as well as access to meeting rooms, events and that all-important internet connection, Impact Hub Bamako has given participants the opportunity to leverage each other’s expertise, as well as grow their professional networks not just nationally but globally, as Impact Hub boasts a multinational presence.
“This is our comparative advantage,” agrees Keita, now the hub’s director. “Our incubation/acceleration programs seek not only to promote the necessary conditions for job creation in our country, but also to professionalize our workforce and give them the tools to meet the demands of any employer.”
Kuwait was historically a financial hub and a regional trade zone and, even over the last decade, it has experienced steady levels of economic growth. Yet the recent decline in oil prices and lower levels of investment raises the prospect of greater economic uncertainty for the country in coming years.
Will rural communities in Afghanistan be deprived of development services upon the completion of the National Solidarity Programme (NSP) in the Ministry of Rural Rehabilitation and Development (MRRD)?
What will happen to the Community Development Councils (CDCs) established in rural communities to execute people’s development decisions and priorities?
Will our country continue to witness reconstruction of civic infrastructure?
These were some of the questions that troubled thousands of villagers as the NSP neared its formal closure date - NSP had delivered development services in every province of Afghanistan for 14 years.
To address these questions and allay their concerns, the Government of the Islamic Republic of Afghanistan formally launched the Citizens’ Charter Program on September 25, 2016 to sustain the uninterrupted development and reconstruction in Afghanistan.
Just two years ago, Ghana was experiencing unstable commodity prices and a deteriorating macroeconomic situation. Yet, through a unique combination of World Bank guarantees nearly $8 billion in private investment was mobilized for the Sankofa Gas Project—the biggest foreign direct investment in Ghana’s history. The transformational project helped address serious energy shortages and put the country on a path to economic growth.
This is just one example illustrating how risk mitigation products play out in practice to encourage private sector investment and improve people’s lives.
- Public-Private Partnership in Infrastructure Resource Center
- Public Private Partnerships
- Public private partnership
- Private Sector Development
- Global Economy
- Financial Sector
- Latin America & Caribbean
- East Asia and Pacific
- Lao People's Democratic Republic
“You can take the man out of the country, but you can't take the country out of the man.”
A native of Morocco, Hanane Benkhallouk began her career in New York before moving to Dubai in 2005. Along the way, she held senior positions in sales and marketing, communications and business development. She has led multinational, interdisciplinary teams for international market projects – MENA, Asia, Europe and the USA – and in diverse sectors, from finance and banking to retail, real estate investment, franchise development and consulting services.
- Sustainable Communities
- Profiles of the Diaspora
- Social Development
- Private Sector Development
- Middle East and North Africa
- Yemen, Republic of
- West Bank and Gaza
- United Arab Emirates
- Syrian Arab Republic
- Saudi Arabia
- Iran, Islamic Republic of
- Egypt, Arab Republic of
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In a first for Africa’s Sahel region, entrepreneurs from Senegal to Chad assembled in Niamey, Niger, for the SahelInnov Expo last month to showcase their businesses and exchange ideas. From livestock to drones, all sectors were on display as a new generation of entrepreneurs and start-ups emerges with bold and innovative ways to address the challenges facing their countries and communities. Increasingly recognized as a strategic path to economic growth, supporting SMEs and entrepreneurs has a key impact on development and is generating more interest from governments in the Sahel.
Michaëlle Jean, the Secretary General of the International Organisation of La Francophonie, His Excellency Mahamadou Issoufou, the President the Republic of Niger, and Almoktar Allahoury, the CEO of CIPMEN.
Photo Credit: CIPMEN
Hosting the event was Niger SMEs Incubator Center (CIPMEN) whose CEO, Almoktar Allahoury, lauded the initiative. “This is the first time all stakeholders have come together: entrepreneurs, public officials, investors, academia and development partners in one place to discuss the many opportunities and remaining obstacles for the private sector — this is just what we need to take the region to the next level.”
Indeed, entrepreneurship could be especially important for this extremely poor region, with half the population living below the poverty line. Burkina Faso and Niger, for example, are among the fastest-growing economies in the world, yet their GDP per capita are just $395 and $652 respectively, compared to the Sub-Saharan African average of $1,647. A vibrant and active entrepreneurial ecosystem would therefore not only boost economic diversification and improve productivity, it also could prove the vital lever to tackling two of the Sahel’s biggest challenges: youth unemployment and climate change.
The devastating combination of climate change, mass migration, trafficking and the rise of violent extremism has resulted in recurring humanitarian crises and massive food insecurity, affecting more than 20 million people across the Sahel in 2015. Enduringly high birth rates, furthermore, will require millions of jobs to be created to respond to the needs of a rapidly growing and increasingly young population. Institutional reach remains weak and a state of protracted insecurity has taken root over vast swathes of territory.
Following the Paris deal on international climate change, governments are beginning to explore new financing mechanisms for investing in the growing low carbon economy. Over the next decade . Recognizing the untapped potential of SWFs, two key questions emerge: how can SWFs increase their exposure to green asset classes? And what are the constraints?
Investors and financial institutions are becoming increasingly aware of the risks associated with fossil fuel projects and are showing growing interest in green bonds and other financing tools that facilitate investment in low-carbon energy solutions.
Being patient investors, with longer term investment horizons than many others in the financial services sector, . In the November 2016 annual meeting of the International Forum of Sovereign Wealth Funds in Auckland, participants highlighted that SWFs are particularly well-positioned to become trailblazers in green investment. The majority of members are oil-based SWFs which are looking to economic diversification of their finite carbon wealth into industries and sectors that would yield broader societal, economic and financial benefits.