AfDB calls for inclusive development in North Africa

Jul 17, 2013

The African Development Bank (AfDB) has released this week its annual report on North Africa in 2013, making several recommendations to regional states in a bid to strengthen their resilience to crises that may threaten economic and social stability.

The African Development Bank (AfDB) has released this week its annual report on North Africa in 2013, making several recommendations to regional states in a bid to strengthen their resilience to crises that may threaten economic and social stability.

It urged these countries to focus on inclusive development and promote a resilient growth in line with best international practices.

Various measures are included in the report, such as diversifying trade and financial partners, investing in agriculture and alternative energy sources and creating a favourable environment for the development of local SMEs.

The document stresses the importance of trade liberalisation and privatisation, regional integration and developing new sources of funding such as "diaspora bonds", which are bonds issued by a country to its own diaspora.

Remittances can also improve financial inclusion by providing access to formal financial services to low-income populations.

The report also suggests optimizing North African countries' access to food through better integration with global markets and increased credit and financial resources for small farmers.

These recommendations, according to the AfDB, should significantly improve regional integration and better protect the region's economies against global economic and financial crises.ADNFCR-2976-ID-801613235-ADNFCR