'Private sector' includes small local business, not just multinationals

At the recent World Economic Forum in South Africa, Shanta Devarajan, the World Bank's chief economist for Africa, told a colleague of mine: "There is a palpable sense of optimism around Africa and the private sector at the Forum, with delegates referring to Africa as an investment destination."

The 2011 Africa Progress Report, launched at the forum, confirms this message, saying that private sector partnerships are experiencing a "well-deserved renaissance".

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