OCR Text |
Show How We Can Help in Africa Africa's needs for economic growth include continued development of natural resources, agriculture, industry, small business, and local commerce. j The infrastructure power, water supply, communications and education are basic to these other developments. Much of the capital needed for economic growth must come from outside the continent. Private capital can continue to provide pro-vide a large part of the necessary funds where an attractive investment in-vestment climate is established. However, public sources must supply the large sums of capital for development of the infrastructure infra-structure and for other projects which do not offer a reasonable return for private investors. International agencies, the United States, and other governments gov-ernments should help finance those essential development projects proj-ects which do not attract private capital. We must expect that increased American economic aid and technical assistance will be required, especially for the emerging African states. The United States should join with others in channeling more aid funds through multilateral organizations such as the United Nations and its specialized agencies. Present bilateral programs should also be increased. The United States should create a career service to administer ad-minister and carry out its programs for foreign economic aid and technical assistance. Such a career service would permit more effective training for service overseas. Expanding markets for the exports of the continent are fully as important to African economic development as is foreign capital. The economies of most African countries and territories lack diversification and are therefore highly vulnerable to market fluctuations in price and volume. A high level of American economic activity is of great importance im-portance for maintaining world markets for African products. We must also be aware of the beneficial impact of freer United States trading policies on the "one product" African economies. Restrictions on the flow of goods within Africa, unreasonable unreason-able impediments to investment, and bars to the advance of Africans in employment are also inimical to economic growth. 0O0 |