ADF targets African transformation

Carlos Lopes, Executive Secretary of UNECA, delivers a speech during the opening ceremony of the Ninth African Development Forum in Marrakech, Morocco, Oct 13, 2014. [Photo by Liu Zhen / chinadaily.com.cn]

The Ninth African Development Forum opened in Marrakech, Morocco on Monday with the theme "Innovative financing for African transformation".

The forum will look to increase the continent's capacity to explore innovative financing for its development, aiming to forge links between resource mobilization and the reduction of trade barriers as well as advancing post-2015 development goals.

Jim Ocitti, director of the public information and knowledge management division of the United Nations Economic Commission for Africa, told China Daily: "Africa has experienced remarkable economic growth and now we have a chance to talk about financing issues to go to the next stages. It is possible for African countries to do what has been done by other areas like Europe or Asia".

Some 700 participants, including high-level officials as well as representatives from private sectors and think tanks across Africa, will discuss domestic resource mobilization, illicit flow of funds, private equity and new forms of partnership as well as climate financing.