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Tuesday, October 11, 2005
  The free money tit is just not big enough for Africa
International news from swissinfo, the Swiss news platform: "JOHANNESBURG (Reuters) - Africa has drawn up a $110 billion (63 billion pounds) annual investment plan to meet United Nations goals of halving poverty by 2015 and wants foreign donors to supply at least a third of the cash, a senior official said on Tuesday.

Firmino Mucavele, CEO of the New Partnership for Africa's Development (NEPAD), said the money was needed for sectors ranging from agriculture to health to lift the continent's annual economic growth rate to 7 percent from below 5 percent.

'This is the minimum amount of money we need to grow the continent at a pace that would allow us to sharply reduce poverty in line with U.N. Millennium Development Goals,' Mucavele said at an investment conference in Johannesburg.

'For the very first time Africa is keen to invest in itself and governments have put $37 billion annually on the table. The private sector will supply a further $30 billion. That leaves us a gap of $43 billion which should come from donors,' he said.

Mucavele, a senior economic adviser to Mozambique President Armando Guebuza, last month took over the leadership of NEPAD -- Africa's homegrown economic recovery plan that pledges better governance in return for increased donor cash.

The Group of Eight most industrialised countries (G8) agreed a $40 billion debt relief package for developing countries in June and have also said they would make more money available to fight AIDS, malaria and tuberculosis -- huge problems in Africa."
 
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