DUBAI: Makhtar Diop, Managing Director of the International Finance Corporation (IFC), called DP World a globally successful model of logistics and smart supply chains.
Diop was speaking at a session entitled ‘Mobilising Private Sector Finance for Development’ on day 2 of the World Governments Summit 2024 until 14th February under the theme ‘Shaping Future Governments’. He noted that privatising major assets in Africa and other regions around the world helps boost their productivity and efficiency, which leads to a boost in government revenue.
‘Despite major investments in Africa’s startups, very little domestic capital flows in. Most of these investments end up in rich countries,’ Diop noted.
Addressing challenges in agriculture, Diop stressed the importance of turning to small agriculture products, such as local grains, rather than relying on imports. Such a move would contribute to enhancing food security in developing countries and improving their response to current and future challenges.
‘We have al
ternatives to imported grains, some capable of withstanding climate change. What we need is a robust private sector that helps increase modern technology’s role in agriculture. But this has to be achieved in parallel with agile government processes that further enhance collaboration between the public and private sectors,’ he said.
The session discussed how emergency financing has evolved into a comprehensive practice preserving quality of life in most vulnerable countries facing unprecedented threats.
Source: Emirates News Agency