Is the era of industrialization and manufacturing exports growth miracles – a period of rapid economic growth exceeding expectations, last seen in East Asian countries, most notably in China – over? If you listen to Harvard’s Dani Rodrik, the answer seems to be: pretty much! Does that mean, Africa, the only continent which hasn’t seen rapid export-led manufacturing growth, would not have many growth miracle stories?
Between 2004 and 2017, some 30 African countries have adopted laws regarding Public-Private Partnerships (PPP). If we were to add to this list the countries that have implemented PPP policies, and those who are in the midst of drafting PPP laws, the tally would rise, leaving us with less than just 10 African countries that are entirely without a PPP framework.
What this tells us is that the calls by international financial institutions have been heard by decision-makers in Africa:
But how does reality measure up to the theory? How many projects, based on PPP law, have actually reached financial close? Given the time required to prepare a PPP, it is maybe too early to see PPP laws translated into concrete PPP projects, especially as more than 20 countries have in fact adopted their laws only in the last five years.
For three days this month, the West African nation of Senegal was in the spotlight of global efforts to combat climate change and improve education in a rapidly changing world.
French President Emmanuel Macron and Senegal’s President Macky Sall co-hosted a conference in Dakar to replenish the Global Partnership for Education (GPE) – a funding platform to help low-income countries increase the number of children who are both in school and learning.
African leaders and partners stepped up to announce their commitment to provide an education that prepares children to compete in the economy of the future and advances socio-economic progress.
Heads of state from across the continent described their challenges—including terrorism, insecurity, the influx of refugee children who need an education, the strain on national budgets, and the cultural bias against educating girls.
The world is watching Argentina these days. As the leader of the G20 meetings this year, with visits from countless numbers of VIPs from around the world, Argentina is regaining the role of a regional leader. While expectations fly high for the country’s future potential, one essential input is lagging behind: the necessary infrastructure to facilitate investment and future growth.
According to a World Bank study, the current violence in the Middle East and North Africa Region led to fifteen million people fleeing their homes, giving rise to the biggest refugee crisis since World War II. Many sought refuge in neighboring countries that are economically fragile, further complicating the tragedy. Women and children bear the brunt of war and this is what Helen Zughaib aimed to capture in her paintings.
The World Bank Art Program, in partnership with the Office of the Vice President for the Middle East and North Africa Region, organized an exhibition of the works of artist Helen Zughaib, titled: The Arab Spring/Unfinished Journeys, that were on view in the main building of the World Bank’s Washington headquarters from January 18 to February 16. The theme of Helen’s work depicts the sense of hope and dignity that prevailed when the Arab Spring began, only to dissipate soon after with the horrors of war and forced migration.
Whether they take the form of:
- two-country exchanges through Study Tours or Expert Visits,
- or multi-country exchanges in the form of Technical Deep Dives,
- or Workshops,
Technological advances have made it possible to dramatically increase the accountability and transparency of public financing to reduce corruption. For example, if a government decides to construct a road, it can now track how each dollar is being spent, identify all the users of the funds, and ensure that only those authorized to spend money do so on originally intended expenses within the permitted time. Fraud and corruption investigations that now take on average 15 months could be performed at the touch of a button and at a fraction of the cost. More importantly, this type of financial tracking would be a deterrent for bribes in the public sector, which amount to between $1.5 trillion and $2 trillion annually, roughly 2 percent of global GDP. This in turn would increase development impact. All it would take is adopting a cryptocurrency and using blockchain software.
Bangladesh has what it takes to influence this global movement
Bangladesh has made remarkable progress over the past two decades, lifting millions out of poverty and sustaining expanding levels of economic growth.
It has achieved this in spite of major internal and external challenges — global economic downturns, natural disasters, and periods of political uncertainty that have tested the resolve of the Bangladesh economy.
In spite of this and efforts in climate change adaptation, Bangladesh still remains one of the most vulnerable countries to climate change according to the Global Climate Risk Index 2015.
This crisis has sparked an urgent response from the government. The government of Bangladesh is a leader amongst Less Developed Countries (LDCs) in enacting policies to tackle the risks emerging from climate change, as well as in negotiating on behalf of other vulnerable countries to finance both climate change adaptation and mitigation activities.
Bangladesh played a leading role in helping set up the global Green Climate Fund (GCF) with an ambitious agenda to mobilise $100 billion per year from rich countries by 2020 to finance climate change initiatives in developing countries.
Domestically, much more remains to be done towards climate change mitigation. There are multiple sector-specific and cross-cutting policies in place. However, a comprehensive set strategy in support of green growth is yet to be formulated.