Prerna Mankad writes in Foreign Policy:
SWFs are obligated to make the best investments for the citizens of their home countries. They are not in the business of aid or charity work; nor should they be... If African governments are not even willing to invest in their own continent, why should others do so?...there are good reasons why many private companies are unwilling to invest and set up operations in Africa. Why else would Zoellick and others be pushing SWFs to fill the equity void in the first place? Corruption, lack of security, and failure to protect property rights are just a few of the reasons countries in Africa have failed to create a positive investment climate. If SWFs step in with billions of dollars, they may well undermine efforts to promote good governance. In the long run, it is those efforts -- not easy cash from Abu Dhabi or Beijing -- that will attract private investment and generate sustainable economic development. So, although an extra $30 billion for Africa should be welcomed, SWFs may not be the best way to deliver it.
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