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Tony Blair urges private equity community to invest in emerging African economies
Sunday, Nov 01, 2009 in Office of Tony Blair, Africa Governance InitiativeAddressing the summit, Tony Blair said:
"Many still hold a number of misconceptions about Africa which are no longer valid; there are a large number of untapped opportunities. With this generation of African leaders, heading governments more stable by the day, the time is right to invest in progress. The time is right to invest in Africa."
Tony Blair, who founded the Africa Governance Initiative (AGI) eighteen months ago, spoke about the summit's keynote speaker, President Kagame of Rwanda, and some of the most compelling reasons why the private equity community should look to the East African country:
"President Kagame is one of the world's most gifted leaders. Rwanda has sustained an average annual growth of 8% since 2004, with 11% growth in 2008. Rwanda is a leader amongst emerging markets in low corruption and political stability. Just the other month, the World Bank named Paul Kagame's administration as the government that had done more than any other in the world to improve conditions for investment and business. It is the first time an African country has been the world's top reformer."
As an unpaid adviser to both President Kagame and President Ernest Koroma of Sierra Leone, Tony Blair has seen first-hand the progress made by both administrations and has expert AGI project teams working within each government to improve governance and attract private sector investment. He continued:
"Paul Kagame and Ernest Koroma are just two examples of Africa's new generation of pro-business, pro-reform leaders who are rooting out corruption, providing protection for investors and leading more stable, better-governed countries which genuinely see business as a force for good. I wouldn't be involved if I didn't believe in the ability and the commitment to private sector expansion of the leaders and governments with which I work. The time is right to invest in Africa."
Today's 'Private Equity in Africa' summit, organised by the FT publication, 'This is Africa' and the Emerging Markets and Private Equity Association, comes just weeks before the Sierra Leone Trade and Investment Forum in London, where investors will get the opportunity to learn about the investment opportunities Sierra Leone has to offer. Tony Blair will be addressing the Forum, which has been organised by the Government of Sierra Leone and the UK's Department for International Development.
