Experts attending a meeting in the Ivorian city of Abidjan on Africa’s industrialization on Friday expressed the need for a continental fund for industrial development.
They said there should be laws governing the fund for its efficient use.
According to a document circulated at the meeting, the fund “is needed to consolidate the plan outlined by the African Union aimed at establishing a Pan-African fund for financing the development of industry, equipment as well as infrastructure projects”.
The document said the fund would speed up the raising of money on local and international markets, contributions from African governments and development aid.
The document also sees the establishment of regional investment funds to facilitate the establishment of profit-generating projects. Private sector projects and those meant to develop infrastructures that have direct impact on the development of industry will be given priority.
The meeting of experts, which began on Thursday, is a prelude to the sixth joint conference of African ministers of Finance, Economic Planning and Development opening on Monday.
The conference is the main annual consultation forum for the ministers and governors of Africa’s central banks on issues linked to the continent’s development programmes.