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Saturday, 24 August 2013

ACP Bank, potential to close “immense” financing gaps

Financing gaps worth more than USD 400 billion in ACP countries can be improved by setting up a major trade and investment bank to serve the Group’s 79 members, an EU-funded market study on the viability of such a venture shows.
The research brought evidence that such a financial entity could also spur sustainable growth by helping local ACP firms secure financing in four key areas: infrastructure, trade, SMMEs (small, medium and micro- enterprises), and large industrial projects.
The ACP Secretariat is currently seeking feedback from stakeholders on the findings, including two other “financing vehicle” options, namely an ACP Invest Company or capacity-building scheme for existing bodies in the regions.
The feasibility report found that despite generous funding by international, regional and local financing bodies such as the World Bank or national development banks, “the variations on the key drivers of success ... have not enabled them to originate, develop and finance programs and projects that resulted decisively in meaningful industry development, firm start-up and growth, and export performance targets across the ACP region.”
“The ACP Bank, or any similar institution set up, would have distinctive capacities and expertise suited for the economic and financial situations in African, Caribbean and Pacific countries. These can be quite specific, according to levels of development, the local business culture, and local needs and expectations,” added Dr Obadiah Mailafia, coordinator of the ACP Bank Project.

Source: ACP Secretariat

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