The New Partnership for African Development (NEPAD) has confirmed that plans are in top gear to set up a NEPAD Infrastructure Facilitation Fund (NIFF) as part of efforts towards achieving the Millennium Development Goals (MDGs)and implementing the G8 recommendations.
President, of African Business Roundtable and Chairman, NEPAD Business Group, Dr. Bamanga Tukur, disclosed that the High Level Roundable on Building on the promises of the G8 at the Gleneagle was yeilding positive results.
Tukur noted that the objective of the fund, will not only create the right economic environment at the federal level, but also ensure that both the states and local governments are doing the right thing to support efforts at the federal, regional and continental levels.
He disclosed that the fund, which have received endorsement would be supported by the NEPAD Secretariat, with collaboration from the African Development Bank (ADB), adding that advisory board of eminent experts and stakeholders have already been set up.
The fund, he said, will be domiciled at and managed by a local development bank with private sector orientation like NEXIM Bank.
He harped on the need to implement the recommendations of the G8 summit in Gleneagles that African development should start at the national and grassroot level in order to achieve the desired impact.
"To achieve the desired economic growth at the country level, we must engage the informal sector. In particular, youths and women group should be targeted to enhance their productive capacity in Agriculture and Agric based businesses.
"These critical groups and sectors are at the base of the pyramid for implementing development initiatives and must be empowered through entrepreneurial training and access to resources to deliver,". Tukur explained.
He said though world leaders have demonstrated a lot of goodwill and made promises and pledges towards making poverty in Africa history, more work still need to be done in ensuring that the MDGs are achieved.
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