At New York event, world leaders discuss how to boost capital flows and fuel growth in developing world
NEW YORK—The Milken Institute’s Access to Global Capital Initiative and the Tony Blair Africa Governance Initiative announced Thursday that they will work together with the government of Rwanda to help identify and implement best practices that accelerate the flow of capital.
The announcement came at a roundtable with global leaders in New York on the Access to Global Capital Initiative, which was developed by the Milken Institute in partnership with Liquidnet and launched last year. It is helping to accelerate growth in emerging and developing markets by linking multinational firms and global investors with governments committed to policies that enable economic growth. Blair's Africa Governance Initiative (AGI) works with leaders across Africa to support systems of effective governance and sustainable capacity building.
In working together, the Milken Institute and AGI hope to maximize their complementary approaches to enhance governance, increase transparency, create more seamless flows of capital and commerce, foster the transfer of skills and domestic industry, and fuel economic growth. Rwanda was highlighted for this collaboration because of the progress it has made in building a strong economy and the initiatives put in place to increase foreign capital investment in the region.
"We're delighted to be working with Tony Blair and his team at the Africa Governance Initiative,
? said Mindy Silverstein, managing director of the Milken Institute. "AGI is on the ground, promoting and helping implement good governance practices. The Institute is providing economic expertise and, through our network, capital to help drive change. Together we have tremendous potential to foster growth by connecting the public and private sectors.
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Thursday's high-level roundtable, hosted by the Milken Institute at Liquidnet's offices, included Paul Kagame, president of Rwanda; Tony Blair, the former prime minister of Great Britain and Northern Ireland; Michael Milken, chairman of the Milken Institute; Seth Merrin, chairman of the Access to Global Capital Initiative and CEO of Liquidnet; and Strive Masiyiwa, chairman of South Africa-based Econet Wireless.
"Thanks to its leadership, Rwanda is the ideal country for these efforts, and we are honored to be working with President Kagame and other key Rwandan officials on strategies to expand and integrate their capital markets,
? Merrin said. "In just our first few months working actively with the country we're seeing encouraging results: new investors entering the market and supporting the growth of key industries that will grow the economy, create jobs and ultimately accelerate the flow of capital in order to fuel long-term growth.
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"The Milken Institute has long encouraged the growth of a vibrant middle class, the rule of law, access to capital and a focus of human capital development in emerging nations," Milken said. "We believe the initiatives announced today will advance those goals."
Tony Blair commented, "Africa today is a place to invest. Across the continent you are seeing more confidence and greater flows of capital. For that potential to be realized, however, will require ongoing improvements in good and effective governance to provide the stability and transparency that investors need. It will also require increased collaboration across the public and private sectors, and that's why I'm delighted to be working with the Milken Institute on this initiative in Rwanda, which under President Kagame's leadership has shown a strong commitment to reform.
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President Kagame explained, "In developing societies, there is a need for capacity— human and institutional capacity. It is what we have concentrated on in Rwanda, and the Africa Governance Initiative has been an incredible partner in this work. Now we are delighted to bring in additional partners, including the Milken Institute, in developing our capital markets.
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For more information about the Milken Institute's Access to Global Capital Initiative, developed in partnership with Liquidnet, download the brochure here:http://bit.ly/1h5AwXH. In addition to advising governments on capital market development and helping foster innovative partnerships, the Initiative has created the Global Opportunity Index, an interactive ranking and analysis tool launched in March. Find it here: http://bit.ly/14N0NHN.