Carnegie Endowment for International Peace
As Foreign Direct Investment (FDI), diaspora remittances, and other kinds of financial flows eclipse the volume of foreign aid to Africa, the nature of development financing must evolve. The Africa Program’s Investments work analyzes how public and private investment flows can better support Africa’s economic resilience. We aim to provide the knowledge base to reorient foreign aid and external financial flows to support Africa’s long-term aspirations for economic transformation.
Sign up for our newsletter Back to main pageRecommendations from a high-level roundtable on an African agenda for World Bank reform hosted by the Carnegie Africa Program and the African Climate Foundation.
Africa received an average of $35 billion per year for fossil fuel and clean energy projects over the past decade. That amount was enough to address the continent’s energy finance gap, but unequal distribution has left many countries behind.
It could mark a shift toward a more inclusive financial system for the climate- and debt-stressed Global South.
Instead of fixating on infrastructure, African countries should look to the experience of Latin American countries with similar resource endowments: a greater relative abundance of land than low-cost labor.