The Speaker of the House of Representatives is challenging developed nations of the world to ensure that African Countries have access to credit facilities to develop the African Continent.
Speaker Bhofal Chambers said accessing huge credit facilities is one of the surest ways to develop Africa and take millions out of poverty.
He said developed nations can play a critical role in ensuring that credit facilities aimed at developing the African continent are made available. "One way they can do this is through development aid and grants to African countries, which can be used to establish credit facilities or support existing ones. Additionally, developed nations can provide technical assistance and capacity-building programs to help African nations develop their own credit infrastructure". Speaker Chambers asserts.
House Speaker Chambers averred that another way developed nations can support access to credit facilities in Africa is through trade and investment. "By investing in African countries, developed nations can help spur economic growth and create jobs, which can in turn lead to increased demand for credit facilities". He asserts.
He stressed that developed nations can also facilitate trade agreements that open up new markets for African goods and services, providing a boost to local economies and encouraging the growth of domestic credit markets.
Speaker Chambers said, unlike other developed nations of the world, African countries are still struggling to access financial resources to enhance their development agenda.
The Maryland County, Pleebo Sodakan District#2 Lawmaker made the assertion on Thursday, April 20, 2023, when he appeared as a guest on the House of Representatives public affairs program on ELBC.
Meanwhile, Speaker Chambers wants the world to redirect its investment focus on Africa, and begin to undertake meaningful initiatives for the advancement of the Continent.
He emphasized that redirecting investment focus towards Africa and supporting meaningful initiatives for its advancement can have a significant impact on the continent's economic growth and development; something he stressed that can be achieved through a combination of foreign direct investment, support for African entrepreneurs, infrastructure development, education and skills development, and sustainable development.
