The remittances sent home every year by the African Diaspora should create a doorway to still greater opportunities, and the key to this door is financial access. While remittances do impact the living standards of beneficiaries directly, the banks that pay out the remittances month after month should offer recipient families a basic financial package including savings accounts, payment services and small loans for microenterprise. This should facilitate growth from current levels of remittances saved and invested. Leveraging of remittances through financial inclusion is certain to increase their development potential.
Earlier this year, the World Bank got a taste of what African youth can bring to the table. I was one of 30,000 Twitter users participating in the #iwant2work4africa campaign. For months, we voiced our passion for Africa while shoehorning our qualifications to work for the continent, all in 140 characters.
Luckily, your good friends at the Africa Region are just as determined to make sure you stay in the loop. We sense your angst and we’ve got you covered.
With oil in Niger and Uganda, natural gas in Mozambique and Tanzania, iron ore in Guinea and Sierra Leone―African countries are increasingly finding rich new deposits of oil, gas, or minerals and just as quickly, attracting the courtship of international companies that are drawn to Africa’s new bonanza in extractives wealth.
At the 2013 Global Social Venture Competition held at Berkeley’s Haas School of Business, two African students, Moctar Dembele and Gérard Niyondiko, won the first prize for creating an anti-malarial soap bar. They tested and developed this product at the International Institute of Water and Environmental Engineering in Burkina Faso, a small country in West Africa.
I was glad to read the announcement made by World Bank President, Dr. Jim Kim, at the start of this year’s UN General Assembly meetings, about the Bank’s projected financing support through the end of 2015 to help developing countries reach the Millennium Development Goals (MDGs) for women and children’s health. As we move toward the culmination of the MDGs in 2015 and beyond, preventing maternal and child deaths should be seen by all government delegations and their partners in the international development community as a clear yardstick to measure their commitment for creating more just and inclusive societies.
While global economic growth has been sluggish in recent years, Africa has been growing. We’ve seen a resurgence of traditional sectors such as agriculture and the extractive industries as well as promising new ones such as ICT. Not surprisingly, these booming sectors need highly skilled technicians, engineers, medical workers, agricultural scientists and researchers. Yet large numbers of African graduates remain unemployed as their skills are often not in line with industry requirements.
Getting Somalia right has huge regional and global implications and attracted $2.4 billion in support at a recent development partners meeting in Brussels.
Supporting fragile and conflict-affected countries to get back on a stable, hopeful development path is a key priority for me as Vice President for the World Bank’s Africa region. It is on my mind especially at the moment after being in Brussels several days ago to participate in the EU-hosted New Deal Conference on Somalia, and then visiting Bamako to pledge our support to Mali’s newly formed Government. As stated by the international community and many observers, the recent election of President Ibrahim Boubacar Keita will open a new era of peace and reconstruction for Mali and we will be an active partner in this immense task.
The Brussels conference marks the anniversary of last year’s political transition and culminated in the endorsement of a “Compact” against which the international community pledged $2.4 billion through 2016. The conference, hosted by the EU and the Government of Somalia led by President Hassan Sheikh Mohamud, not only helped consolidate international political support for Somalia but also generated considerable momentum for the country’s development plans and a path to international debt relief.