A Common Future for EU-Africa: Engaging the private sector ......Jan 04, 2014 · A Common Future for EU-Africa: Engaging the private sector in sustainable and inclusive growth 5th

A Common Future for EU-Africa:Engaging the private sectorin sustainable and inclusive growth

5th EU-Africa Business Forum

31.03.2014 - 01.04.2014Crowne Plaza Hotel,Brussels - Belgium

www.euafrica-businessforum.eu

High-level delegates, constructive debate: the most successful EU-Africa Business Forum to date!

A total of 1,180 delegates attended this year’s EU-Africa Business Forum, which marked an important milestone in a long-standing partnership.

Like all long-term relationships, the partnership between Africa and the European Union (EU) has evolved and changed over the years. This year’s 5th EU-Africa Business Forum (EABF), which took place in Brussels, Belgium from March 31st to April 1st at the Crowne Plaza Hotel, marked an important shift to a more equal footing for the two continents. Reflecting this, and a move toward greater involvement from business, the theme of the event was: ‘A Common Future for EU-Africa: Engaging the private sector in sustainable and inclusive growth’.

Throughout two days of energetic discussion and debate, the spotlight was firmly on the private sectorand how it can help drive African socio-economic development through sustained and inclusive growth.

The Forum took place just a few days before the 4th EU-Africa Summit, hosted by the European Council, which was also held in Brussels from 2nd-3rd April. As one of the objectives of the 5th EABF was to formulate recommendations to be presented to Heads of State at the Summit, this timing was far from coincidental.

A total of 1,180 delegates from more than 65 African Union (AU) and European Union (EU) Member States attended, including high-level dignitaries such as European Commission President José Manuel Barroso, European Council President Herman Van Rompuy, European Commission Vice-President Antonio Tajani, Vice-President of the European Commission and Commissioner Andris Piebalgs. From the African side, the Forum was honoured by the presence of Chairperson of the African Union Commission (AUC) Nkosazana Dlamini-Zuma, AUC Deputy Chairperson Erastus Mwencha, President John Dramani Mahama, and President Ibrahim Boubacar Keïta Keïta of the Republic of Mali.

The opening ceremony was notable for its keynote speeches by President Barroso and Ms Dlamini- Zuma. President Barroso underlined the potential of Africa’s youthful population and the need for further integration and strengthening of partnerships. In an uplifting address from Ms Dlamini-Zuma, the audience heard of Africa’s inherent potential and the challenges that need to be addressed to allow the continent realise the AU’s ambitious goals.

In the spirit of putting the private sector centre stage, the opening speeches were followed by a keynote address from African business leader Mr Ahmed Heikal, followed by a few words from Mr Tajani and Mr Mwencha.

In addition to five high-level plenary sessions, the Forum programme included several four-hour sessions that profiled success stories of African small and medium enterprises (SMEs). This culminated in a lively session where eight countries made presentations on their investment opportunities to a panel of 16 investors.

The Forum also included a full programme of some 12 roundtables that covered a wide range of relevant issues critical to promoting inclusive and sustainable development in Africa. Guided by chairs, co-chairs and a moderator, these roundtables resulted in an extensive menu of recommended actions for how best to move forward with the EU-Africa Partnership.


2 5th EU-Africa Business Forum

The 5th EU-Africa Business Forum opening session included welcome speeches from African and European Union leaders, with the Forum being jointly opened by the President of the European Commission, José Manuel Barroso, and the AU Commission Chairperson, Nkosazana Dlamini-Zuma.

President Barroso’s welcome address raised a number of issues that were at the centre of the Forum’s discussion over the two days. One such point was the importance of leveraging the potential of Africa’s young demographic profile to ensure that Africa can reap a demographic dividend, while allowing Africa’s young population to make their contribution to inclusive and sustainable development across the continent.

President Barroso also cited the need for integration and the strengthening of partnerships, and highlighted the EU’s continued support for the African transformation process, despite the continued challenging economic environment across much of the EU. President Barroso emphasised the importance of the dialogue between the public and private sectors that is at the heart of the EU-African Business Forum and of the wider EU-Africa partnership.

AUC Chairperson Mrs. Dlamini-Zuma highlighted the significant potential across many African sectors, and emphasised the need for investment in some key sectors such as transport infrastructure and energy, as well as how these challenges can be turned into op-portunities for investment to help Africa as well as its partners.

The potential and opportunity in agriculture was one of a number of examples highlighted, and Chairperson Dlami- ni-Zuma emphasised the need for Africa to change its role from that of primarily a producer to moving up the value-chain and processing its agricul-tural produce. This need to change the image of Africa, both in terms of how the continent sees itself and how it is seen by others, was a recurring theme in Chairperson Dlamini-Zuma’s speech.

The need to redefine Africa’s relationship with the EU as well as the concept of partnership as a whole was also underlined, and Chairperson Dlamini-Zuma invited the EU and AU business sectors to work together both on developing the blue economy and to invest in the tourism industry.

The two-day forum was wrapped up at around 6.30 pm, on Tuesday 1st of April 2014, with an empowering closing speech from Herman Van Rompuy, President

“Europe believes in Africa (…) and in African private sector. We believe that, with the right approach, any challenge can be overcome and we look forward to work with you on this.”

José Manuel Barroso, President of the European Commission

“We need to change the image of Africa solely as growers, rather into a continent with potential to grow, process and treat” Nkosazana Dlamini-Zuma, Chairperson of the African Union Commission


of the European Council. In his closing speech, he touched upon many of the topics and issues that had been discussed at the Forum. Reminding Forum delegates that the EU-Africa partnership is a relation-ship of equals, President Van Rompuy emphasised how the economies in both continents are becoming increasingly complementary. Stressing that Africa’s goal of more value-addition and intra-continental trade on the African continent is fully compatible with increased inter- continental trade, President Van Rompuy underlined that while Europe imports more African manufactured products and processed goods, sustainable long-term growth in Africa must be based on Africa’s own markets. Recalling the benefit Europe derived from integrating national markets on a regional basis, President Van Rompuy stressed the importance of creating a continental free trade area for Africa.

“If you want to go fast, go alone. If you want to go far, go together”. African Proverb – quoted by Herman Van Rompuy, President of the European Council

“We are neighbours. We know each other well and we have traded and lived together for many decades. But we have also learnt from our past experiences and we are now more prepared to make fuller and better use of the potential of our trade relation-ship.”

Herman Van Rompuy, President of the European Council


Keynote interview with Ahmed Heikal

The Keynote speech comprised an interview with Mr Ahmed Heikal, Chairman and Founder of Citadel Capital, a leading investment organisation in five core industries in Africa and in the Middle East: energy, transportation, agri-food, mining, and cement.

Mr Heikal endorsed the views expressed by President Barroso and Chairperson Zuma on the business and investment case for Africa. Mr Heikal provided a clear correlation between Citadel Capital’s five core industries and three key issues that need to be tackled in Africa: demographics, resources and the improvement of governance.

The choice of Citadel Capital’s focal industries was the result of several factors, but the main reason related to the way that the firm finances itself, through what is called the triple combo: sovereign wealth funds, Development Finance Institutions (DFIs) and Export Trade Agencies (ETAs). This combination has made it possible to invest in big projects with a certain level of protection, as these institutions have a good reputation in managing risk; thus these institutions determine in part the way Citadel Capital does business. Adhering to DFIs’ and ETAs’ way of doing business requires that Citadel takes into account human rights, gender, racial and ethnic discrimination, and environmental and societal considerations – thus investments need to follow EU and AU environmental standards.

Regarding Citadel’s five focal industries, Mr Heikal explained the company’s response to adverse market conditions. Firstly, the global financial crisis has impacted on Citadel during 2008-2011, with banks being forced to scale down their balance sheets and reduce commercial funding. This was followed by the Arab Spring, which created further market uncertainty and growth constraints. All of this led Citadel to reduce its scope and focus on the five core industries that now make up its investment focus.

Another parameter to take into consideration is the length of the investment; Mr. Heikal explained that in spite of the different changing political situations, Citadel Capital was investing for the long haul with a 20+ year timeframe in mind.

Regarding key African investment needs, Mr. Heikal expressed this view that transport and logistics are among the sectors in Africa that are most crying out for development. As Chairperson Dlamini-Zuma also stated, transportation costs within Africa are very

Mr. Ahmed HeikalChairman and Founder of Citadel Capital

Citadel Capital announces further investment in preparing a landmark transport corridor project in Africa.

Citadel Capital is already committed to an ambitious transport infrastructure project to tackle investment needs in the transport sector in Africa - recently the firm announced that it had increased its share- holding in one of its investee companies (Rift Valley Railways) as part of a major transport corridor project to connect the port of Mombasa on the Indian Ocean with Cairo through Kampala, Juba and Khartoum. When completed, this transport corridor could offer speedier movement of goods within the COMESA trading block and also serve as an alternative route for exporters and importers into the EAC. It would also help movement of goods to and from the Middle East and Europe to the EAC, and from the region to Egypt using the country’s port cities to move them onwards to Arabia and Europe by sea.


high, and this makes goods in certain parts of Africa extremely expensive both in terms of transporting products inland and in terms of extracting resources that companies want to sell outside of the continent. Citadel Capital has ambitious plans to help address Africa’s transport needs. Another example is the energy industry, where for example recent oil and gas discoveries in a number of countries could benefit from greater investment, particularly from DFIs, ETAs and sovereign wealth funds from the Gulf.

Regarding advice for other investors or would-be investors, for Ahmed Heikal the most important lesson in investing is to know when to walk away from a deal. Mr Heikal pointed out that it is important not just to be able to recognise a deal that would make money, but also to be able to recognise a deal that would hurt your reputation, as these deals contain the potential to create costly problems. Therefore, the most important factor is to know when to say no and walk away, even when you have already invested time and effort.


Panel 1 – Engaging Business in Sustainable and Inclusive Growth: How can blending be used to partner with the private sector?

The panel brought together four leaders with clearly different stands on the use of blending for engaging the private sector in sustainable and inclusive growth in Africa.

Andris Piebalgs, European Commissioner for Development, introduced the discussion. He argued that for the European Union, the second provider of development aid in the world, blending is a way to increase impact; €2 billion of grants have unlocked about €40 billion of investments. He also remarked that a small number of grants have made it possible to attract investment in renewable energy in Mauritania, Senegal and Cape Verde.

Bringing another view to the debate, Dimitris Tsitsiragos, Vice-President of IFC, warned against certain uses of blending that lead to market distortions and pleaded for setting clear and transparent conditions for its use in project finance. IFC holds about 20% of its portfolio in Africa. In his view, blending can be used to kick start a difficult project by making transactions possible or, as expressed by Siegmar Pröbstl, CEO of Siemens Africa, to push projects beyond the edge.

Contrasting views were most visible on the subject of interest rate subsidies. Mr Piebalgs proposed offering local banks subsidies to bring interest rates in the agriculture and agri-business sector to reasonable levels.

For IFC, on the other hand, the solution to prevailing high interest rates lies could be revamping local and regional capital markets to lower the overall cost of doing business.

What all panellists agreed on is the need for genuine partnerships. IFC, which does a lot of blending with institutions like the EIB, sees blending as an opportunity for partnerships.

Pim van Ballekom, Vice-President of the European Investment Bank (EIB), called for red tape to be cut to ensure more effective collaboration between development finance institutions. EIB is proud to provide finance at market rates as well as valuable technical assistance. Mr van Ballekom welcomes grants from the EU, but stresses the importance of a sound business and investment climate.

“IFC sees blended finance as an opportunity to kick-start projects - taking the most difficult projects. The other thing we see with blending is that we see opportunities for partnerships. So we do a lot of blending with institutions like the EIB in Africa”.

Dimitris Tsitsiragos, Vice-President, IFC

“Africa is the place to be!”

Siegmar Pröbstl, CEO for Africa of SIEMENS


Mr Pröbstl referred to blending more widely as a partnership to promote developmental objectives like education and regional trade. While blending has traditionally been applied in infrastructure, panellists identified agri-business and education as priority areas where partnerships could play a key role in facilitating private sector growth.

It remains to be seen how quickly the current focus on projects will shift to support promoters and entrepreneurs, as well as targeted funding of the missing middle and early-stage companies. Education is key to the development of entrepreneurship and to providing the requisite skills. It seems likely that the near future will see more funding in education by the IFC, EIB and the European Commission.

“We see a changing trend from development aid, as to involve public and private investors, without them the challenges are too massive to face.”

Pim van Ballekom, Vice-President of the European Investment Bank (EIB)


Panel 2 – Doing Business in Africa: Improving the investment climate

This panel generated vigorous discussion on the key challenges and priorities necessary to improve the investment climate in Africa.

Panellists identified constraints to development that are seldom captured by the usual business and investment climate indicators, such market size and the size of the informal sector. Regional integration and good governance have long been on the African agenda but this discussion brought new issues to the fore. The long-term return horizon coupled with predictability and transparency of government policy and quality of human resources must be tackled as a matter of urgency.

Though regional integration is on the African political agenda, Mohamed Ibrahim believes there is no strong political will and commitment. He insisted that good governance and the creation of a single market remain important challenges if Africa is to compete on a global scale. Moreover, these changes can be met and they are in the hands of Africans. The Mo Ibrahim Foundation rewards leaders who do good things, leave power demo- cratically, and leave their countries in better shape.

Talking about key constraints to development, Ugandan entrepreneur Charles Mbire said the current education curriculum is failing to address what the market requires. Mr Ibrahim agreed by underscoring the current strong bias of the African educational system against agriculture.

On the subject of skills, GlaxoSmithKline (GSK) CEO Sir Andrew Witty spelled out the human resources that are needed. Companies, he said, need workers who rigorously follow the rules, a society that celebrates and rewards compliant behaviour and a population that is proud of being process engineers. In conclusion, Mr. Witty said that in a number of African countries, the time is right to engage in this type of activity.

“Five factories, five countries in five years” Glaxo-SmithKline announces a major investment in Sub-Saharan Africa

One of the highlights of this morning panel discussion was Mr Witty’s announcement of GSK’s plans for a series of new investments in Sub-Saharan Africa. It used the Forum as a unique opportunity to show its commitment to partnering with the governments of African countries to stimulate more research, increase capacity and strengthen the healthcare infrastructure. GSK will be

“The most important thing for Africa is to create a single market in The most important thing for Africa is to create a single market in Africa; [...] we cannot compete as 54 small countries! Although some regions are making some progress, there is no really strong political will and commitment to this integration of Africa. Our trade is 12 -13 %, but this is a ridiculous number. But it is in our hands. This needs to change, we cannot blame the colonials, the slave trader or any sad part of our history, this is something that is in our own hands”Africa; [...] we cannot compete as 54 small countries! Although some regions are making some progress, there is no really strong political will and commitment to this integration of Africa. Our trade is 12 -13 %, but this is a ridiculous number. But it is in our hands. This needs to change, we cannot blame the colonials, the slave trader or any sad part of our history, this is something that is in our own hands”

Dr Mohamed Ibrahim, Founder, Mo Ibrahim Foundation


installing five factories in five African countries over the next five years. “We want to increase domestic capability, help countries become less dependent on import, and we recognise talent building and the need for skills development as a necessity.” Sir Andrew Witty, CEO, GSK.

“Making Africa a priority for the next 20 years. That is the sensible horizon for investment in Africa”.

Sir Andrew Witty, CEO, GlaxoSmithKline


Panel 3 – Closing the SME Funding Gap: Strengthen-ing Financial Systems

This panel brought together some highly prestigious panellists, active on the SME funding scene to address different challenges, from policy and regional issues to issues within the SMEs themselves.

H.E. John Dramani Mahama, President of the Republic of Ghana, shared his own experiences by saying that the SME sector was of prime importance in creating jobs and, most importantly, in absorbing Africa’s youthful and growing population. To support SMEs, governments and banks should have clear set roles. Banks should be responsible for lending, as they have the necessary skills to do risk analysis and facilitate capital recupera-tion, while governments should help mitigate the risks associated with the SME sector. Public-Private Part-nerships (PPPs) were proposed as a possible solution whereby, for example, the banking sector could establish funds, while government subsidised interest rates or provided collateral to SMEs, a view supported by other panellists.

Jean-Louis Ekra, President of Afreximbank, offered two alternatives to PPPs. He said SMEs should be included in the supply chain and this would help them access funding through contracts with larger more creditworthy organisations. For SMEs willing to pay the price of the risk, institutions like the Africa Guarantee Fund could act as guarantor.

The panellists agreed that SMEs must invest time and effort in these partnerships; they need to be more organised, transparent and attractive, be this to banks, venture capitalists or investors. One of the challenges is the dearth of skills within SMEs. One solution is very early stage involvement from business angels and banks, but also local government initiatives to raising capacity and competencies.

What the SME environment also needs is better public policies and better governance. It is clear too that market access is a priority, either directly or by special access reserved to the SME sector. Markets should be merged and the integration initiative for the African continent should be pushed.

Many important solutions were highlighted including:

• To reduce risk and give SMEs ready access to debt markets, governments and IFIs should provide early stage equity funding

• Strengthen of the legal system to build trust

“It should be a partnership between the government and the private sector. I have a vision for [an African] transformed economy, not just as exporters of products. We need the private sector to achieve that. A genuine partnership, not just lip service”.

H.E. John Dramani Mahama, President of the Republic of Ghana


• The formalisation of land rights

The general consensus was that the EU should see Africa as a partner and any investment in the continent as a win-win opportunity. Africa, on the other hand, should become more united and work towards forging partnership internally as much, if not more so, than with international stakeholders.

“From the EU perspective we should not see Africa as a place where you are providing aid, but as a win-win situation of partnership. We are no longer asking for help, but for partnership”.

Jean-Louis Ekra, President of Afreximbank


Panel 4 – Investments and Partnership for Productive Work for Youth

Panellists for this session were of very different backgrounds, bringing together very different aspects of youth employment initiatives through partnership and investment.

On the subject of youth employment, H.E. Ibrahim Boubacar Keïta, President of the Republic of Mali, reiterated that this was a global problem. However, in Africa the problem is that most young people are found in isolated rural areas. Frequently these young people have little or no education; 27% are illiterate and so their chances of them finding employment are dramati-cally reduced. President Keïta felt governments should take stronger action by ameliorating school enrolment and attendance, verifying and controlling the quality of schooling/education and highlighting the importance of linking education to the needs of the employment market.

Dr Mohamed Lamine Dhaoui, Director of Business, Investment and Technology Services Branch, UNIDO -MLD, said young people needed to see successful employment related ventures in action. In addition, every region should develop a value chain to identify high priority sectors such as agriculture, ICT, tourism and mining.

Encouraging an entrepreneurial culture was deemed of high importance in reducing unemployment. To encourage entrepreneurship, panellists recommended the following actions/initiatives: awareness sessions, business incubators, business networks, and an outreach strategy.

Victor Soto, Vice-President of JADE, said he believed that tracking success stories would encourage more youth to follow the path of entrepreneurship. Youth feel empowered and motivated by peer-to-peer learning and need short-term solutions. They want clear oppor-tunities and to contribute to tackling the challenges that face their countries.

However, there is still a question over how skills will be developed so that new entrepreneurs can make an impact. Investments to develop the right skills must be meaningful and require improved collaboration between educational institutions and businesses. Africa has a crucial need for in situ vocational and on-the-job training.

“We need to focus on developing the mind-set and the entrepreneurial spirit, develop soft and hard skills to solve today’s problems; this is the way to bridge the gap on youth unemployment.”

Victor Soto, Vice-President of The European Confederation of Junior Enterprises (JADE)


From a global point of view, Dr Amany Asfour, President of the EBWA, feels that to transform its economies, Africa needs industries and factories to add value to it raw materials and resources. This would help to create more jobs, thus leading to greater wealth.

President Keïta said Africa needs to make the best use of its available resources. It needs to learn persever-ance, even in the face of failure, because no one else will help Africa more than it can help itself.

“We need to address under-education in our youth, as it is critical to tackling poverty. This is why investing in youth education and training is not a choice – it is an obligation and a duty.”

H.E. Ibrahim Boubacar Keïta, President of the Republic of Mali


Panel 5 – The Role of Banks in Sustainable and Inclusive Growth

The Forum’s final plenary panel session addressed the hot topic – not just in Africa, but across the world - of the Role of banks in sustainable and inclusive growth.

Panellists were first asked if they felt commercial banks had done their best in harnessing the potential of Africa. Anthony Maruping, Commissioner for Economic Affairs, AUC, said the investment climate for doing business in Africa had improved and that is continues to do so. This is down to steady economic development, as well as the performance of central banks in creating the necessary climate for successful private-public dialogue. This has piqued the interest of Asian countries, which have found the climate conducive to their needs.

But Mr Maruping, along with a number of other panellists, said there was still work to be done, not least in improving regulatory frameworks, encouraging innovation in the banking infrastructure and moving towards stronger partnerships.

Fernando Costa Lima, Board Member of BPI (Portugal), assured the audience that strong local banks in Africa would be sufficient to finance upcoming companies and households. But in terms of big-ticket infrastruc-ture investments, Africa needs the international market for funding and financing partnerships. In his view, multilateral agencies should be more involved in credit enhancement.

Needless to say, good infrastructure is crucial to inclusive development. Mr Boubker Jai, Director General of the Group Attijariwafa Bank, highlighted that to develop infrastructure, financial markets have to prioritise production cover. To mobilise investment, the banking and finance sectors need to be fully integrated into the local economic fabric. To this end, the number of agencies should be increased. The shift to ‘low income banking’ is an important one, as banks today are often seen as a puppet of the rich. banks should therefore be actively aiming to capture and facilitate the needs of the broader population.

It is true that rates in Africa are comparably high in comparison to other regions, but Ebenezer Essoka, CEO of the Standard Chartered Bank, said there was a simple solution; central banks should negotiate with their banking partners. As for SMEs, there are plenty of other options to diversify beyond the commercial banks, including venture capital, DFIs and so on. However, while there is a clear need for international accounting

“The investment climate and business in Africa has improved and continues to be improved. This is due to the develop-mental state as well as good central banks performing their functions well to create the necessary climate. The private-public dialogue has been successful.”

Anthony Mothae Maruping, Commis-sioner for Economic Affairs, AUC


principles, there is a view that this won’t happen quickly.

In conclusion, panellists agreed that governments and the banking system must collaborate and work together more closely. Greater financial literacy and financial regulation would help to create a more stable environment. Finally, and perhaps most pressingly, there is a need for greater inclusivity and partnership across all aspects of society.

“As a solution for inclusion, [we need] to try and set regulations for responsible engagement, [there is a need for] mobile financial solutions across the continent”.

Ebenezer Essoka, CEO, Standard Chartered Bank


Investor Meeting

The EU-Africa Investor Meeting was an innovative concept with the objective of bringing together high-level government decision makers and experienced interna-tional investors. Eight African government delegations (represented at Ministerial level or above) made presen-tations to a panel of 12 senior executives offering a wide range of investment finance.

Throughout the exercise, the underlying message was the willingness of all parties involved to continue to deepen investment relations. Although some principal concerns were raised, there was a clear commitment to increasing investment in the interested countries and in Africa more generally. In response, the eight governments promised an unconditional commitment to further dialogue with foreign investors with a view to improving the investment climate and safeguarding their rights.

Discussions took place in a favourable and enabling context, allowing investors to address specific issues of direct concern with regards to a particular country.

As the first of its kind, this exercise certainly needs some fine-tuning but all stakeholders involved are committed to this. To this end, a follow-up questionnaire’ has been prepared and sent to participating investors. Their feedback will help to improve future sessions.

Success Stories

Three hours were dedicated to testimonies from selected entrepreneurs on what had made them successful. These entrepreneurs were asked to share their views on how they see the role of the private sector evolving in Africa and how the private sector can contribute to sustainable development. There was a particular focus on how SMEs can play a role in creating job opportuni-ties for women, the youth and vulnerable communities. An ITC Chair and a moderator, Ms Shada Islam, Director of Policy, Friends of Europe, ran the sessions which focused on agri-industry, new technologies and the environment, as well as harnessing African talent and empowering women.

One issue that came up was that traditional development models are no longer relevant in the African context. In fact, it is possible to leapfrog several stages of development as some of the SME success stories presented. But Africa will need to prepare strategically to reap the demographic dividend. In decades to come, the continent will have the world’s largest young work force so there is a critical need to develop ‘marketable’ skills that meet the demands of the private sector. On this front, women’s economic empowerment can help reap rich development dividends

African companies increasingly want to capture a larger share in the value chain and are no longer content with exporting raw commodities to selected markets. Moreover, there is a huge potential for agribusiness; the industrialization of agriculture results creates value for African countries as well as new jobs. For African businesses to grow, it is important to take a ‘shared value’ approach whereby successful companies reward those - for example farming communities in the case of agribusiness - who participated in their success.


Notes

Notes

Notes

Documents

A Common Future for EU-Africa: Engaging the private sector ......Jan 04, 2014 · A Common Future for EU-Africa: Engaging the private sector in sustainable and inclusive growth 5th