Private ownership essential for African development, says Prince Philip of Belgium

Visiting Prince Philippe of Belgium has insisted on private ownership in Africa, deeming it "essential" for developing this continent.

Addressing the 4th African venture Capital Association Conference (AVCA) in Marrakech, the Duke of Brabant believes that "private ownership in Africa is essential for the development of this promising continent. It is not the only key to development, but it of vital importance if we want to help and support those many African men and women eager to start generating wealth on the basis of their ideas and their personal commitment."

More than 250 experts, economic operators from Africa, Europe and the United States are attending this three-day conference (April 18-21).

Prince Philippe, also Honorary President of the Belgian Investment Company for Developing Countries (BIO) said " there are encouraging signs, here on the African continent, of entrepreneurship and of a clear commitment to sustainable economic development and corporate good governance."

Talking about host country, Morocco, the Belgian Prince said the kingdom "plays a leading role in the development of private enterprise (É).

He also spoke about micro-credits saying they "not only support entrepreneurship but also oblige small entrepreneurs to abide by a framework and a practice of financial responsibility and professionalism."

The Belgian Crown prince was earlier received in Tangiers (Northern Morocco) by King Mohammed VI.

On his part, Belgian Minister of development and Cooperation, Marc Verwilghen, noted that nearly 80 percent of Belgium's partners are located in Africa, including Morocco which "holds a privileged place" as proven by the 40 year-old cooperation agreement concluded by the two countries.