As government, corporate, and nonprofit leaders gather in Ethiopia at a major meeting on funding global development efforts, a top United Nations official writes in The Wall Street Journal that investment is supplanting direct aid as the driver in eradicating poverty and building equitable societies in developing countries.
Grete Faremo, formerly Norway’s minister for development and now executive director of the U.N. Office for Project Services, notes that in 2013 Africa got $57 billion in foreign direct investment, $15 billion more than it received in official development assistance. “These numbers tell us that private capital, domestic and foreign, is a larger potential source than aid for investing in Africa’s future,” she says.
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