G8 Heiligendaam Summit Declaration on Growth and Responsibility in Africa

Sectors : Forced displacement, Financial Institutions, markets, services and microfinance, Investment
Organisation : G8
Date made: 
2007
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Commitments in: Migration - Forced displacement

“32. We welcome the initiative “Partnership for Making Finance Work for Africa” and the work underway with the World Bank and the African Development Bank to establish it...This partnership should help us work together more effectively with a variety of new and existing initiatives such as:

... • continuing to enhance the effectiveness of remittances of Diaspora Africans to their home countries via the formal sector by pushing ahead the implementation of measures resolved at the G8 Summit on Sea Island in 2004. This includes simplifying and reducing transaction costs and improving access to financial services. On a high-level meeting in fall 2007, the G8 presidency will monitor the progress towards this goal and if necessary identify the need for additional action until the next Summit;”

Scope: 
Africa

Commitments in: Private Sector development and financial services for the poor - Financial Institutions, markets, services and microfinance

"32. We welcome the initiative “Partnership for Making Finance Work for Africa” and the work underway with the World Bank and the African Development Bank to establish it. It will provide a platform for African expertise, institutions, the private sector, and donor resources for solid financial sector capacities in governments and the private sector, and provide a forum for peer learning. This partnership should help us work together more effectively with a variety of new and existing initiatives such as:

• enhancing country capacities to formulate and implement sector wide approaches for addressing financial sector deficiencies in a coordinated and comprehensive manner, through country action plans;

• developing a regional Micro Small and Medium Enterprises Investment Fund (REGMIFA) as an instrument to mobilize resources to refinance medium- and long-term investment credits for smaller enterprises and to microfinance institutions. We will also strengthen microfinance institutions’ capacities, notably through training programs and technical assistance;

• developing long-term local currency financing and suitable insurance instruments for coverage of exchange rate risks as well as a range of insurance products for the coverage of basic social and economic risks;"

Scope: 
Africa

“32. We welcome the initiative “Partnership for Making Finance Work for Africa” and the work underway with the World Bank and the African Development Bank to establish it...This partnership should help us work together more effectively with a variety of new and existing initiatives such as:

...• providing assistance to enhance capital markets in Africa, targeting, among other things, local debt market development, accounting and regulatory capacity, as well as the enforcement of property rights;

• launching mortgage-market programs in pilot countries combining technical assistance with loans and guarantees for mortgage-financed housing projects;

• working with African central banks to provide risk-based supervision training and support international best practices in bank supervision.”

Scope: 
Africa