Published: May 29, 2012
Private companies were previously hamstrung by political and economic conditions, says bank president.
The private sector will play a key role in helping the continent to reach its full economic and social potential, according to the African Development Bank (AfDB).
The bank has launched its 2011 African Development Report, focused on the private sector as the engine of Africa’s economic development.
“After being hamstrung for decades by difficult political and economic conditions and burdensome government policies, it is now poised to become the main engine of growth for the African continent,” said AfDB president Donald Kaberuka launching the report.
Developing the private sector is one of the four priorities of the AfDB’s Medium Term Strategy for 2008-2012, along with infrastructure, governance, and higher education.