The NEPAD founding statement of 2001 clearly identified the need to increase private capital flows to Africa, as an essential component of a sustainable long-term approach to filling the resource gap. It identified priorities including addressing risk perception, building public-private partnerships, and deepening capital markets. Successive statements by African governments have reinforced these priorities.

The African Peer Review Mechanism includes ‘increased trade and investment among the participating countries’ and ‘increased co-operation in mobilising and attracting both domestic and foreign investment’ among its ‘high priority areas’...