"Participation Builds Unity"
"MADE IN AFRICA - FOR AFRICA"
"Participation Builds Unity"
"MADE IN AFRICA - FOR AFRICA"
PRESENTS
NEPAD BUSINESS FOUNDATION
LAUNCH MOVING AHEAD
Courtesy:
Prof. Carl NOFFKE
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USA-SA Business Spotlight - Exclusive
23 March 2005
NEPAD BUSINESS FOUNDATION MOVING AHEAD
The NEPAD Business Steering Committee has been restructured into a section 21 group, known as the NEPAD Business Foundation, which will be launched on the first day of the World Economic Forum due to meet in Cape Town during June.
A report will be submitted to the World Economic Forum detailing each sectoral committee, its members and the achievements to date. The report would include the business covenants prepared by the Business Steering Committee and the signatories to the covenants.
The aim of the business initiative was to achieve business opportunities for SMME’s (small, medium and micro enterprises) and others in Africa with the major objective to alleviate poverty.
The restructuring of the NEPAD Steering Committee was essential to ensure operating as a legal entity in terms of the Group of Eight (G-8) funding.
Members of the foundation are at present representative of key South African businesses, but the sector groups would operate across the continent.
Sector groups include banking, energy, information communications technology (ICT), agriculture, infrastructure, fast moving consumer goods, mining and mineral resources, health and water.
Energy, ICT, and water were already progressing well. The current number of sector groups will initially be limited to 12, but will eventually grow to about 20.
In the Banking Sector, the JSE Securities Exchange South Africa had offered their Trading System free of charge to Zimbabwe and Zambia with implementation costs of R7 million for both or R5 million individually. The JSE has already spent R5 million on the project. The JSE initiative is viewed as essential to ensure the development of sound financial markets in Africa in attracting foreign direct investment (FDI).
The Business Foundation is at present negotiating a permanent office and staff in Johannesburg.
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