SPECIAL FEATURE
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OFQ: How important is human capital? Sérgio Pimenta: Having inadequate skills hinders competitiveness in the global economy and may prevent economies from fully reaping the potential benefit of greater regional integration. Despite notable progress in recent years, Africa lags in most human capital indicators. Some estimates show that the continent is operating at only 40 percent of its potential. Therefore, investments in education, health, and women’s empowerment are key to bridging the gap and helping people become innovators and entrepreneurs. IFC targets investment at small- and medium-sized enterprises (SMEs) and women-owned businesses to build their capacity. As regional integration progresses in Africa, those skills will empower SMEs and women-led businesses to capture more value from increased intra- regional trade.
OFQ: What has COVID-19 demonstrated about regional integration? Sérgio Pimenta: COVID-19 has highlighted the importance of regional integration as a key element of Africa’s recovery efforts. The pandemic has challenged regional integration efforts, but it has also highlighted the criticality of integration to improve the ability of
BOUNDARIES
African countries to weather shocks, and to accelerate market creation on the continent at a time when access to other continents may become more difficult. Efforts at the country level need to be complemented by regional responses to better coordinate on COVID-19 regional response plans, keep regional trade
flows open – especially for essential supplies and food products – support recovery of the private sector, and much more. In response to COVID-19, IFC has made available US$8 billion to help the private sector maintain economic activities, keep goods and services moving, and protect jobs.
OFQ: What role can the international community play in supporting regional integration? Sérgio Pimenta: International organizations, especially DFIs, can help drive collective action and catalyze integration. Working with partners, the World Bank Group has been supporting regional integration initiatives in Africa since the 1980s. In an effort to support regional integration through private sector-led solutions, IFC will continue to promote trade and investment integration, with a focus on regional connectivity, regional value chains, regional champions, disseminating inclusive private sector solutions across Africa, and fostering partnerships, trade, and capital flows.
Investments in education, health, and women’s empowerment are key to helping people become innovators and entrepreneurs.
“ Sérgio Pimenta PHOTO: IFC 17
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