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United Nations Economic Commission for Africa (Addis Ababa)

Innovative Investment - Lessons from 1331 #ADF9

A mythical figure of African history, the Moroccan Ibn Battuta, on a visit to Somalia in 1331., was "surprised by Mogadishu's prosperity" and wrote a lengthy description of the the city as "being full of rich merchants, particularly active on the exports to many countries of high quality local fabrics"  Citing this ancient example of a innovative business approach, Dr. Carlos Lopes, Executive Secretary of UNECA, told delegates to the African Development Forum in Marrakesh that Africa must come up with similrly innovative solutions and harness the continent's resources and be "the new development frontier."

Photo: UNECA

Dr. Carlos Lopes

  • Africa:   Innovative Financing a Must for Africa

    Economic Commission for Africa, 16 October 2014

    A mythical figure of African history, the Moroccan Ibn Battuta, considered one of the greatest travelers of all times, arrived in Somalia in 1331. He was surprised with Mogadishu's… Read more »

Photo: @ECA_Lopes

Dr. Carlos Lopes giving the his opening statement at the African Development Forum (ADF9) 2014

Photo: UNECA

Dr. Carlos Lopes, United Nations Under Secretary-General and Executive Secretary, Economic Commission for Africa, taking a picture with some of the delegates at the 9th African Development Forum in Marrakech, Morocco. In his opening statement, Mr Lopes said "Our ability to strengthen, build and preserve capital in Africa is in line with Africa’s search for innovative financing mechanisms. In recent years, African Governments have taken an active role in changing the investment landscape. Aid is no longer the panacea... As we build Africa’s reputation in the global capital market, each success story establishes Africa as a destination for global capital flows."