The Economic Commission for Africa has urged member countries to put together a better transparency package to access $13 trillion of investment to boost economies. 

Vera Songwe, UN Under-Secretary-General and Executive Secretary of ECA, said this at the opening of the Conference of African Ministers of Finance, Planning and Economic Development, in Addis Ababa, on Monday. 

Ms Songwe noted that African economies needed to recover fast, adding that the commission and others in the private sector had created a scheme by which the countries could access funds. 

“I want to talk about the African bank, which has been able to provide $8 billion to 470 banks in the last year to respond to the crisis.

“ECA and many others in the private sector have worked together to come up with a scheme to allow us create a liquidity and sustainability facility by getting money from the private sector, particularly for markets, where we have $13 trillion of investment that is ready. 

“It will not come if Africa does not put together a better transparency package, better transparency on the illicit financial flows, and we need the financial community to work with you.”

The executive secretary called for additional “injections of liquidity” and investments into the African economy to get children back to schools, ensure reduction in poverty, job creation, and economic growth. 

“A lot of African countries are now using more of the Internet. Schools have access, but we know as studies in the African Development Bank and others have shown that Africa can invest in technology, and our youths can use technology for the betterment of jobs and poverty reduction.

“And so we are asking again that some of those special drawing rights that go to the developed countries be on lend to the developing countries, emerging markets in Africa in particular so that we can respond.”

(NAN)