By Keith Marsden
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Additional info for African Entrepreneurs: Pioneers of Development (Discussion Paper (International Finance Corporation))
They open up markets. They find new combinations of materials, processes, and products. They initiate change and facilitate adjustment in dynamic economies. Yet private entrepreneurship has been downplayed in many African countries over the past 30 years. In part, that occurred because indigenous entrepreneurs were presumed to be scarce and foreign entrepreneurs were distrusted. But the belief was also widespread that entrepreneurial functions could be better performed by the state than by private individuals.
Foreign loans to development finance institutions. 11 Foreign loans went mostly to government expenditures. Aid flows that reach the private sector via domestic financial institutions would be included in the domestic credit data. The figures indicate that at best, only a small proportion of foreign aid is being allocated to the private sector in this way in Ghana, Malawi, and Tanzania. Yet evidence exists of a strong correlation between the growth of credit to the private sector and overall GNP growth.
6 Trends in Private Investment in Thirty Developing Countries. Guy P. Pfeffermann and Andrea Madarassy No. 7 Automotive Industry Trends and Prospects for Investment in Developing Countries. Yannis Karmokolias No. 8 Exporting to Industrial Countries: Prospects for Businesses in Developing Countries. W. C. A. All rights reserved Manufactured in the United States of America First printing October 1990 Second printing August 1991 The International Finance Corporation (IFC), an affiliate of the World Bank, promotes the economic development of its member countries through investment in the private sector.
African Entrepreneurs: Pioneers of Development (Discussion Paper (International Finance Corporation)) by Keith Marsden