For some years we have been witnessing the emergence of a dynamic and well-managed African financial sector. How will this new situation change French cooperation policy in Africa?
THE PRESIDENT – You are right. This isn’t perhaps said enough, but the emergence in the past few years of diligent, efficient and reliable financial institutions in Africa is an absolutely major step forward in the continent’s development, because a sound financial environment is an absolute requisite for the growth of a dynamic private sector which is the key to Africa’s development. You must understand me: I believe that official development assistance (ODA) is necessary; this is why, despite the unprecedented economic crisis we are going though, France has decided to maintain and even increase her development effort. Our ODA rose from 0.38% of GDP in 2007 to 0.46% in 2009. But I am convinced that Africa’s development also – and perhaps above all – requires the development of the private sector, which creates more growth, more wealth and more jobs. (…) Q. – An expert from Goldman Sachs, Dambisa Moyo, is currently enjoying huge international success by maintaining, in her book “Dead A
