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Africa: G8 Investment

Volume 690: debated on Wednesday 14 March 2007

asked Her Majesty's Government:

What proposals they intend to present to the G8 countries to bring about increased investment and development in African Union countries. [HL2490]

The UK is working closely with German and other G8 colleagues to ensure a strong focus on Africa at the Heiligendamm summit in June. This will build on earlier G8 commitments to support investment and development in Africa, particularly those made at Gleneagles.

Africa’s prospects have improved significantly over recent years, with average growth reaching 5.5 per cent in 2005. However, longer-term projections are uncertain. We will, therefore, highlight the importance of efforts to support sustained positive growth. We will emphasise fundamental requirements such as good financial governance, strengthened financial markets and a more conducive investment climate. We will also encourage continued G8 support to related Gleneagles initiatives, such as the Investment Climate Facility, the Africa Enterprise Challenge Fund and the Infrastructure Consortium for Africa.