The present and the future of Africa depends on the mobilization of domestic resources for funding : 17/10/2014

The present and the future of Africa depends on the mobilization of domestic resources for funding

​The present and the future of Africa "are dependent on its ability to raise and preserve the national resources of funding," stated ,Thursday, October 16th  in Marrakech, the Executive Secretary of the Economic Commission of the United Nations for Africa (ECA), Dr. Carlos Lopez.

"The transformation in Africa cannot be limited by the challenges of traditional donors," reassured Mr. Lopez in a speech read on his behalf by the Deputy Executive Secretary of (ECA), Mr. Abdalla Hamdok at the end of the 9th African Development Forum (ADF IX).

African countries cannot depend only on international development aid, but must create new and innovative mechanisms for development to take advantage of migrant remittances and improve the conditions of contract negotiations, he said.

"In terms of South-South cooperation, and thanks to the clear viewpoint of His Majesty King Mohammed VI, Morocco gives the example in terms of mutually beneficial partnership," said the Minister Delegate to the Minister of economy and Finance in charge of the Budget, Mr. Idriss Azami Al Idrissi.

"Africa calls on the international community for a win-win cooperation, respecting the national and territorial sovereignty of African countries," said Mr. Azami Al Idrissi.

He also welcomed the quality of the debates and recommendations of this forum, which enjoyed the Royal High support, appreciating the forward thinking of His Majesty the King in favor of Africa.

Organized under the chairmanship of HM King Mohammed VI, by the United Nations Economic Commission for Africa (ECA), under the theme of "innovative funding for Africa’s transformation," the 9th African development Forum was attended by about 800 persons, including heads of State and government, ministers, entrepreneurs and businessmen, experts and representatives of civil society from 56 countries, including 37 African countries.

This event offered a multi-stakeholder platform to discuss and initiate concrete strategies for the development of Africa.

Introduced for the first time outside of Addis Ababa, the meeting again demonstrates "the confidence of the international organizations in the Kingdom and in its ability to play a strategic role in the development of the African continent because of its political stability and economic dynamics. "

Discussions focused on innovative financing mechanisms in five areas namely "domestic resource mobilization," the "illicit financial flows", the "capital investment", "new forms of partnership" and "the financing of climate change ".