SPECIAL FEATURE
OFQ : What are the sectors you are particularly looking into, where do you see promising developments and what split do you envisage between public and private sector projects? KAZ: The OPEC Fund’s financing will be focused on strengthening sustainable and climate-resilient infrastructure, deepening its commitments to developing human and institutional capacity, while ensuring equitable economic opportunities in its partner countries. Food security will also be a focus area in Africa. MK: The public sector is indeed called upon to provide critical financing to promote an enabling environment conducive to catalytic private capital investments. Innovative financing instruments will certainly help in the process and are actually being considered actively. OFQ : Africa is rich in resources, yet poor by average living standards. How can this gap be closed and a situation created where Africa becomes the first beneficiary of its own wealth? KAZ: Closing the wealth gap in Africa and ensuring that the continent benefits from its resources will require sustained efforts and international collaboration. A multifaceted approach should include
measures to improve governance, combat corruption, diversify economies, invest in infrastructure, promote education and workforce development, enhance regional integration and trade, attract responsible foreign investment, address poverty through social safety nets and foster public-private partnerships. MK: It is important to note that there is no one-size-fits-all solution. Each African country has unique challenges and opportunities, so tailoring our strategies to individual country contexts while focusing on transparency and accountability are crucial for success. By addressing these areas, Africa will be able to unlock its full economic potential and improve the living standards of its people while fostering long-term development and sustainability. OFQ : In a hugely competitive global economy are there industries or sectors where Africa is leading with technology and know-how? How can such efforts produce stronger results? KAZ: Africa has seen significant growth and innovation in sectors such as mobile banking, agriculture, renewable energy, health tech and e-commerce. To strengthen its position, investments are needed in research
and development, education and skills development, infrastructure, fostering of public-private partnerships, establishment of supportive regulatory frameworks, improvement of access to capital, cross-border collaboration and entrepreneurship. Africa has the potential to lead in various technology- driven sectors, but continued commitment as well as addressing unique regional challenges will be key to achieving stronger results and sustaining growth. MK: Africa’s strongest capital is its youth. The critical challenge will be to create the conditions to tap into the next generation’s formidable innovative thrust. OFQ : Africa has been promised billions of dollars for climate action, yet actual transfers are falling far short. Can Africa cope with the climate crisis by itself? If not, how can the needed funds be mobilized? KAZ: A multi-pronged approach is essential to mobilize
funds to address the climate crisis in Africa. This involves engaging with international climate finance mechanisms, developing comprehensive climate investment plans,
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