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Elite Eye on Africa

What role does the World Bank have in Africa's future? ... The World Bank's draft strategy for Africa appears to be an attempt to shore up its position as a key player in the continent's development, while at the same open itself up to feedback from the public The new report on Africa, published this week, concluded that the continent "could be on the brink of an economic take-off, much like China was 30 years ago, and India 20 years ago". In its report, published on Monday, the bank said the continent's steady economic growth, progress on the millennium development goals and good rates of returns on investments give Africa "unprecedented opportunity for transformation and growth". Promoting Africa as an exciting and lucrative investment destination will be crucial to fulfilling this potential, it added. "The emergence of new development partners such as China, the untapped potential of mobilising domestic resources, as well as the rise in private capital flows to Africa, calls for a new approach – Africa as an investment proposition – and points to the need for new partnerships among governments, development partners and the private sector," said the bank. – UK Guardian


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