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High-Level Panel on Africa | DAVOS 2020

H.M. Queen Máxima
Queen of the Netherlands; United Nations Secretary-General's Special Advocate for Inclusive Finance at Dutch Royal Household
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World Economic Forum 2020
January 21, 2020, Davos, Switzerland
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High-Level Panel on Africa | DAVOS 2020
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About speakers

H.M. Queen Máxima
Queen of the Netherlands; United Nations Secretary-General's Special Advocate for Inclusive Finance at Dutch Royal Household
Børge Brende
President at World Economic Forum
Mokgweetsi Eric Keabetswe Masisi
President of Botswana at Office of the President of Botswana

Active global voice on the importance of inclusive finance for achieving development and economic goals. Designated in 2009 by the UN Secretary-General as Special Advocate for Inclusive Finance for Development, encourages universal access for individuals and enterprises, at a reasonable cost, to a wide range of financial services, provided by diverse responsible and sustainable institutions. Works in partnership with stakeholders globally to raise awareness, encourage leadership, and foster action toward financial inclusion. Honorary Patron of the G20 Global Partnership for Financial Inclusion. Member of the Committee for Entrepreneurship and Finance and Honorary Chair, Dutch Money Wise Platform.

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Former: Minister of Foreign Affairs of Norway; Minister of Trade and Industry; Minister of the Environment; Deputy Chairman, Norwegian Conservative Party; Member, Storting, Norwegian Parliament; Member, Standing Committee on Finance and Economic Affairs and Deputy Chairman, Standing Committee on Energy and Environment; Chairman, UN Commission on Sustainable Development; Secretary-General, Norwegian Red Cross; International Vice-Chairman, China Council for Int'l Cooperation on Environment and Development (advisory board to the State Council); Chairman of the Board, Mesta (Norway's largest company in infrastructure maintenance); Member of the Board Norwegian School of Economics; Managing Director, World Economic Forum. Member of the Board, Statoil. Member of the UN High-level Advisory Group for Every Woman Every Child. Political Adviser to Conservative Party Chairman; Chairman, Young Conservatives; CFO, KB-entrepreneur; Member, Municipal Executive Board, Trondheim; BA Norwegian Univ. of Science and Tech. Since 2017, President, World Economic Forum. Member, Harvard International Negotiation Program, Core Advisory Council (since 2018). Recipient of awards and honours, including: Order of the Aztec Eagle, Mexico (2018); Grand Cross of the Order of San Carlos, Colombia (2018); Commander, Royal Norwegian Order of St Olav (2005); Cavaliere Di Gran Croce, Italy (2005); Grand Cross of the Order of the Phoenix, Greece (2004); "Gift to the Earth", WWF (2004).

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Diploma in Secondary Education, University of Botswana; Bachelor's and Master’s degrees, Florida State University, specializing in Social Studies Education and Instructional Systems; 1999, Commonwealth Chevening Scholarship for graduate studies in Economics and Social Policy, Manchester University, UK. 1984, teacher, Mmanaana Secondary School, Moshupa. 1987-95, Social Studies Curriculum Specialist, Department of Curriculum Development and Evaluation. Has served as the National Coordinator for Social Studies Education and Botswana’s representative for the African Social and Environmental Studies Programme, also serving as Member of the Board, Environmental Education Association of Southern Africa. 1995-2003, with UNICEF as Education Project Officer, responsible for initiating policy and programme reforms for the excluded in Botswana. 2004, joined CIET, focused on HIV prevention research. Former Vice-President of Botswana; served in various Cabinet portfolios including Presidential Affairs and Public Administration at the State Presidency, and Education and Skills Development. Since April 2018, President of the Republic of Botswana. Member, past or present, of several NGO Boards, including Kalahari Conservation Society and Bana Ba Metsi Trust. Conceptualized and started the Moshupa Constituency Development Show and the rollout and free distribution of seedlings to the whole constituency and other community initiatives to improve lives.

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About the talk

Speakers: H.M. Queen Máxima of the Netherlands, Børge Brende, Mokgweetsi Eric Keabetswe Masisi

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The fastest growing continent in the world is Africa. Also the youngest and they have a great panel to discuss opportunities, but also the challenges to my left her majesty Queen Maxima of the Netherlands then we also have the newly re-elected president of Botswana president. Masisi. Let's give them a warm Applause a developer. They're also waiting for the president of Senegal is unfortunately stuck in traffic. You should maybe think that was not possible in and out. But you know, the safest thing is to

walk Alpine eye has a huge opportunity 7 out of the 10 fasting fastest growing economies in the world is in Africa. In a few years I forgot will have the largest Wars force in the world and 60% of the population in Africa is under 25 years old. So imagine all the jobs and skills that have to be developed in the years to come cuz he also know that the young work for us and Japan are all Spirits. If you have access to education if there is financial inclusion, it can also create necessary growth and it can lead to Prosperity but there is also

a fact that the in Africa you have pockets were your very far from being on crack on the sustainable development goals and you know the overall goal by 2030 is to eradicate all extreme parrot. African leaders are taking in used apps go so make Africa more competitive. One of them is to establish. Also a free-trade area in Africa. It will be really really quite remarkable. The combined GDP is more than 2.3 trillion already in Africa and a population of 1.2 billion. So I let me start with you mr. President.

Customs Union order free trade market in Africa. Hope powerful. Is it going to be is it also a reflection of a new leadership thinking and Africa trade is more important than 8:00. And is there such a win-win thinking and the Wunderlist it is how big will it be? And what are the obstacles? Thank you very much and I'm pleased to be here but to get it right into the subject matter or Africa is true. What I would add to it is that we perceive we are mean the leadership of Africa. The people of Africa we busy these numbers as opportunities. I don't want to turn around.

What are the challenges associated with these into opportunities to propel growth and spread? wealth and success There is a new leadership emerging in the number of countries in Africa that have either two. Bean known for some of the Stella works that are being to take it. Now, if you look what's happening in Ethiopia with President Abby and by extension is inference in the region. You know the peace deal you had with electria and the net benefits that we derive out of that. We all hope that spreads to Somalia on the Horn of Africa

and the peace dividend yields the growth that we want Africa not only a young vibrant continent it has. is a repository of most of the world's resources natural resources, and those need to be exploited responsibly and With the prime intention of having the Africans benefits out of those. So there's some level of responsibility that we'd expect from Venture capitalists who went to that make a return on their investment in in some countries clearly. When you look at the fact that 60% of our population is under 25 years old.

And generally fairly well educated educated enough to be retooled and retrained. with digitization going the rate is going and the governance ecosystems that support it. Wow. This consonant potentially presents the most powerful Workforce is being in a lifetime. And so if we take a very optimistic look at that, we feel a certain sense of urgency in coming to wef and engaging with those who have the will and the means to help us unlock this well, so we realize our Global goals has

stage names DG's including a continent of Golden State and an agenda 2030 So I'm here to confirm the one person. On behalf of the other African countries including prison Marcus out here. We subscribe to the African continent or feature in the area and we have full confidence that when we increase the intra-africa trade, it would be a means by which we grow and reach the world in the same way. We also want the world to reach us. So strange would be a means by which we grow or well and we improve the lot of our people thank you. Thank you.

Thank you flavor shoes for Africa also for your country that is one of the most successful ones when it comes to the economy coming back to that a queen Maxima and 2009. You were appointed the UN secretary-general special advocate for inclusive Finance for developments and I We all know that if you don't have access to financial institutions, and if you don't have access to banking it's is also very hard to see real development happening the past few years. We have seen also positive developments in the African region when it comes to connecting people to

formal Financial Services in many ways. I have to say when I looked at the numbers last night you have been extremely successful in your job. I have seen that Africa has almost doubled the amount that have beam connector to financial services from 23% to 43% between 2011 and 18. So what steps should be no taken to even accelerate this because we are on the right track. Pensacola thank you for having us on this issue here at this final and also talked about

Africa because I think it is a continent we should be looking and I go in forward the girls if a person has been amazing since 2011, we've actually given more access to more than 1.2 billion people globally to financial services and they said of course being driven by Mobile Banking, you know, the potential that you can actually with your handheld be able to have access to payment Savings Credit life insurance. I even having budgeting system when you have a little more of a smartphone so that is being really revolutionary gross in

GDP, but is also has a quality so we know the financial inclusion is not only for four April gross, but also from for it gives people have a women agency and control which I think is something that we need to They are we know investing with my we are going to be investing in the development of a continent. We have an attitude but in Ethiopia It Mobile money will it takes off by 2025 we could increase GDP by 10% Find create 3 million additional jobs. If we have to

do the financial inclusion, and it's one thing if you tell me about all the figures of his new youth coming in into the workforce at the one thing. I will be saying, oh my God, we have to create jobs jobs jobs. We will not be able to create those jobs. If we do not have the infrastructure of an inclusive digital Financial system. How to identify a masterful home with many stripes but still collect 43% of the Global Financial inclusion. I will look into the mobile money side only 21% of adults actually have a mobile banking account in the

women and the rule so those are the three probably groups. I will have to be looking a lot more in the future. What do I need? I need better connectivity. Even if everybody thinks everybody has a story through the 4 G coverage in Africa is 7% of total connections 7% Only 1/4 of the whole African population uses mobile internet and only 44% of the population has mobile subscription. So it's literally having that mobile phone and having the connectivity for the reliability

talk to my mother and you know that it's going to be gone. So the reliability needs to be that so connectivity is a very big issue. The other vacation to move very close together with the World Bank system is called id14, which is basically promoting National unique five metrical digital ID without. Because of kyc. It should be kind of Bank open bank account. We kind of facilitate for your government to actually do Crocker government to people payment in the form of subsidies to the phenotype. And so we need to really have this nationalities today 1 billion people

around the world do not have any ideas and half of them are in Africa. So if you look up outside 1.2 billion people right now in Africa and 500 million do not have an ID. So be that type stuff, you know public goes. So we really need to have going forward for us to make this come true. And of course we need to have to make a regular tree changes for us to allow these Innovations to happen. And so that would be working very closely with many other central banks and Ministers of Finance to actually make those and you in Very important issue. We will need to listen to the women and focus on

Lorimer what their needs are and also on the smallholder farmers in Africa, which need at least 55 billion dollars additional offer financing yearly from now on. I need a great Applause for that. I was thinking listening to the Queen Her Majesty. Mr. President. Where does the books want to stand on this financial inclusion? Are you happy where you stand? What what is your what are you going to deliver in the next. As president? Where is progressing at a fairly rapid Pace? We are a

national Broadband strategy as in place. We have internet connectivity the object in the that the backbone is called own country, but we are lacking in covering the individual homes and businesses, which is the last Mile and that's what's going on. Now. We are committed to ensuring the equality of geography and gender and we also committed to making sure that we bring the price down because no use in having all this and people can't afford it and don't use it.

We also committed to The Innovation and providing local solutions by the government of absence relevance to what we do in terms of our progress. We are accelerating it. by putting money in the right places as of this financial is my first I don't tell him you know that the last week of bettas. inheriting And we just went to an election we have benefits to we have a mid-term review. Our plan is increasingly move away from the resource-based economy to a knowledge-based economy and ecosystem and connectivity access

cost at a major issues. Fortunately, they isn't such a big divide between men and women or male and female with respect to access to connectivity and or technology such as a mobile telephony, but we do have a problem. Waze error 11 sparsely-populated coming to face head-on and what's the space? So your mother's day. How are you know, also what the president said about his so they're shooting is his first full term looking at the also the fact that said 1.2 billion people have during the last years being connected and they're included in also

being financially connected but there are still a week challenges moving forward if I think there is only 7% and Africa that are connected mobile internet services for doing Financial transactions that you can do. It's much more. So my point is if you're going to reach them pictures goals in the sustainable development goals, we can mobilize Graham. But I guess we also have to have the powerful private-sector onboard hair. So I wonder if this day how much are you relying on the private sector to really also

meet the goals in the evening Financial inclusion. Front of my title is financial inclusion for development. And I when I say development is this is this is something that I need to empower people to increase their income for themselves. So it's not only the big private sector day sitting here and doubles when we are actually giving people their own businesses do small set of sector. So for example in Tanzania decrease irinka by 16% for reducing a lot of the financial losses, they actually had the same thing. We've actually seen him mobile Health provision. I mean right now in Nigeria

and Kenya we've been able to give health insurance to people that before never had it most and then also SME credit a lot of female clinics they were very small. In the whole country ham in the whole continent. We need to have this as a way of increasing efficiency of small businesses and they're also I call the private sector going to be the one that going to be creating the jobs in the employment. And I know you'll come to your bath and in my country of us in the Netherlands 70% of implemented by the SME the very big firm that is one thing we

need to increase efficiency and the potential to productivity of all the farms in the future and Africa, that's one thing people at for the big firms to play ticket Jackie to improve to use cases it snow in the tents of her jumping a very big bank or a telecom an envelope razor. I was very good. I like for me to actually start learning and what does a woman need from a bank account? They don't need saving services that I need in the Netherlands. Dating services.

So we need to really look at that customer needs to be much more customer-centric. So I need private sector to be very observant. I thought you know who tell their customers and that you touching translate that in court services two years ago and he in and Devils. We formed a group of 10 Co September companies mobile Telecom operators and consumer companies Banks internet companies. And what we did is, you know, none of them could actually do it by themselves. And all of them have prices in Africa and Asia etcetera, so, you know how to react chili

and partner to really do the things at the skills that we need because each one was doing something and you know one reach 20000 Farmers hear the other one reach 10,000 Merchants here, but actually that's really not going to make the train so company example Rabobank, which is a Dutch corporate farming band together with MasterCard, and now teaming up together to basically bank right the whole value chain in six different countries in Africa. I mean reaching a million farmers in November. I was in Pakistan and that there is

Unilever and PepsiCo with telenor from your home country and weather going to be doing is it going to be digitizing all the merchants in which PepsiCo and Unilever touches upon? Horse for Unilever and PepsiCo that means you know better income because that means they will actually has better Inventory management with all these matches that actually have to sell to but at the same time in one of these Mike emergency access to these transactions, you would have to actually see how much that actually means more capacity of

it has to be commercially viable. This is not a CSR issue anymore. We really need to bring the insides to this big farms and also for them to lead by example and my partner being able to help each other to really make this customer center products that I can actually deliver the the heater or actually a K24 people's needs is a nice and actually increase of course the business potential of these terms. So I would say it's extremely important. We need a lot of the dealership all the CEOs and the logos Are you speaking countries? Yes,

that's what my Global CEO should have said that I should do. But you know for me to get more difficult. You know, we need a load of long-term vision and I think we need to know this is not CSR. This has to be commercially sustainable. Otherwise, we will not be able to reach the scalability. We need you to comment about her majesty just said that I was also had a question for you because we know that National resource mobilization is also very important. We have to mobilize the private sector tomorrow,

but it has to also be a commercial interesting but we know that if you look at the taxes and the beauty that is collected in Africa and look at the amount compared to GDP is pretty low. I need Reflections from your side because no you're constructing this African internal Market. But it's are you looking at Ulta? Hope you can mobilize more resources locally in different countries that can then be invested in making Africa more ready on the skills better education and also better infrastructure. You know, there's a whole raft of things that we need to

do and do better. One of them already admits is to maximize and efficiencies of Revenue Management in generation is the obvious. I mean, there's some cases way that there's obviously leakages that you place those are given to go to stop. Text collection. You know that determination of the amount of tax the type of tax public education so that people are willing to pay tax and people I appreciate. The benefits of pain types because they actually see the benefits that accrue out of resources race through tax by the road

being built chubby important variables of efficiency that we need to get to including all the challenges that many countries face. We would yield better and faster development now, With respect to our commitment to the African Continental free trade system. The first time you demonstrated and which I hope we would stick to is a political resolve and Leadership required to attend that the next will be the political will and resolve to create the ecosystem for it to occur.

You know that that the legislative required including the relations between countries in terms of you know, and enabling As a treat men of our borders are totally artificial. and if many of us perceive as a means to generate your own development without being creative and Innovative, it will fall flat. The Africa hardly trades with itself and yet there's so many goods and services required. We also need to ensure that we utilize digital technology. Recitation

to promote efficiencies within firms which will raise their revenue base and they would use to invest in doing other things. And so I can complete your mind whether you know, what the the queen is saying and can confirm that at least be in for my government. You will not find this one thing and tens of a commitment to use our tax revenue to create the infrastructure necessary to obtain the sdgs. I think I eat very much like being on but the Presidents had but we always talking about the resource natural resource mobilization sand surgery from a physical perspective. I think what are the

most difficult conversation I've been having with another man has a finals around the world. It's just that is the process of fertilization. Merchants of businesses of Vino doctors it's really a very tough nut to crack and I know I don't want to leave that. She just said I've written a report to from the well bang for what R the T20 meetings and you know these process first of all, you have to give them manners for them to pay that I asked you for my right nut since having the backbone of a digital Financial system

is key without that. We will not be able to have a good processor for molestation number to be something in it for them. I'm not going to pay those taxes if I don't have anything in return because maybe the road season pass price through his area. So he needs to have or some kind of By formalizing of some kind of other attractive thing for him to have for him to say. Yes. I want to be formalized or he basically he gets much better sales to a big company because he's been able to produce that I need it doesn't do it for me. He will not be able to accept that market. I

think we have to start thinking in the set of what does a marker Michael over farmer of Michael March into decimal of Industry needs a find it attractive to be formalized. And the other big issue is and this is something that it's been also very tough. My homework I have to say is a whatever saying digital financial services and it seems we have to compete with cash. And compete with cash is quite a difficult thing. You have to be extremely seemingly cheap, even though we know the cash is not safe for people and

they don't realize it weenie Titleist. We need to be extremely private, you know, you have a private to load of characteristics that actually cares it's been having so who's the older Regulatory and all the older Lowe's have to facilitate the desert Financial Services in a way that we can compete with cash, you know, if you have government that I actually have Univision on this front we can really come up with ways or actually doing that. But if we do not have the holistic approach it will be

very difficult to have a successful feminization proces. Good points when I was farming this true in the country of men from Norway who launched at development program that was called tax for development. So we put some of the smartest tax lawyers in Tech developers in Norway to do deals in there all the pink on Tuesday special in Africa and Build A Better Tax collecting system. And what you saw is when people start even with small taxes, they're all so much more conscious about how the government uses the money because this is your money that you're paying and

then of course you want those are good education. You want good health prayer for your children and what we also saw and these were one of the paradoxes is that in many places. You see that you're exempt exceptions from paying taxes. And for temple big landowners didn't have to pay tax on their land but small farmers had to do and these are also paradoxes that of course has to be addressed another topic. Is Aquarius a critical one is related to better governance because if you see the world bank's numbers, we see that in many African countries in those in

many developing countries and some developed countries even busy that corruption and bad governance is really stealing money from the people in some countries numbers are like 10 20% So I'm mr. President you feel that Africa is on the right course here. I think it was a bit more efficient Financial inclusion less cash and more money that are wired through the system its corruption is also harder. How big do you think the option is you is and is there a real willingness to deal with this upfront? Because it's really about

stealing money from people. Yes, sir. I can speak best for both wanna But even in the interactions that one has with a police level there is absolute commitment to have no corruption. But in reality, we do know that it it it it it persists and I couldn't agree with you more that corruption is is basically that Gary and disruption take us to it. What is also? And risk making it endemic. Because if people lose faith in the system and they know the only way out is to pay or be paid it will do it. So the hopelessness people feel

and loss of faith in the system of governance. It will promote and sustain corruption. I think it's important that we take responsibility for our actions and ensure that we eliminate corruption and promote transparency vagina is very possibly because you know with all the sex abuse together democracy AB horse corruption, the more you make things transparent the more the population in rolls, and if you don't listen they react and they put you out but dependent on others we would hope that

you know systems and opportunities. Like we would have it that way if and the UN and other International bodies and institutions would help us to also ensure that the big corporates 13 gauge with us I also committed to not promoting corruption because the two-way street some of the most, you know documented case of corruption have certainly been a pain to note that a number of very very big firms involved in that. I mean in seeds in my time is present position the two years.

What happened when I visit, you know some developed countries. The expectation is that every CEO or executive of some big company has to see me. I didn't see me everything is done. I'm totally shocked by that behavior. And I'm in pain to try and be polite and and then Decline and ask him to go and see the minister or the ministry or some official because we really want to make sure we stick to a transparent route option is a problem corruption needs to be dealt with effectively in Boots on and my country we're doing our very best that we don't have corruption

it's there but we're committed to dealing with it effectively. Thank you. Relate the song Applause on your commitment there. Mr. President elections and then into wrapping up. I think the traffic jam is has to be very bad at the amazingly. Well, so I think also the audience agree with that misrepresent one you mentioned is in your first answer related to the peace dividend because even if you see a lot of positive developments it to Africa be still have conflicts and we have wars but then we also have very ambitious

and leaders it also go for Peeps and you mentioned prime minister of Ethiopia where there was no deal with Eritrea. There's also big transformation going on in Sudan you feel that the International Community really is conscious enough and have a proactive policy when it comes to us of creating than the peace dividend went when there is please there should also see results of the self. We don't get back into conflict and I think many of us are no following

Ethiopia Addis large very important country. If you can reflect on that and then second person last time we met and that was before you elections. We met in Cape Town South Africa, and we also see that the operators increase inter-regional and intra-regional can three people from different African countries that do work in other African countries, and we have been quite surprised with sinophobia even happening in Africa, if you can reflect shortly on that it would be appreciated. Thank you very much.

Berlin out at that the positives Coming Out of Africa and its leadership Has like a broader than just a few Opia. I mean, there's some Lord will work taking place in Kenya and Nigeria. I mean part of the Nigeria magic. He was the election of President buhari and the expression confidence by his own people to whom option, you know, and and that that that they don't put Trinity's that you know, I in their incredible, but We are convinced. that's Africa can do much more with much more help not in the financial sense of giving AIDS like we usually do

but the world can step up and total of 8 legs. The indiscretions that take place in Africa where to buy African some sales or by Africans assisted by others. I mean I find it totally bamboozling. That's the problems of the DRC continue to this day. in such a civilized world and yet those who reap from the DRC. I able to succeed through that Maze of trouble to extract what they want from the DRC and use it. I think we need to address these things. Hedone, it's important that we do that because the DLCs resources alone.

I'm more than enough for her to the world. Certainly more than ever Africa. I'm in trouble clean water. The DLC could be a solution provider to more than half of Africa with his clean water. It was a lookout from the sky the clean water go into the ocean draining from the Congo River. Is what's 70 km in depth length is a huge amount. Associative, that would be the power generation from the hydro get out of the DLC. No, we we we we have the number of worlds in Africa and the country you mention

which is My Name by in South Africa is no exception. How to make maybe historical but it says development challenge that you find anywhere else there many people have migrated to the urban centers of South Africa and it's a mixture of both of Africans and non South Africans. And as desperation sets in particular flocos, it's so much easier to be motivated to believe sometimes falsely. That is the foreigners were taking your jobs and stop being such a diverse Society have a

whole mix of people who hold opinions and suede the beliefs of people into promoting what's as in cold xenophobia in a phobia or criminality? And so we need to step back and let me look at this very carefully to make sure that it is properly analyzed and then the student but yes, we do have people who migrated from m not so well-off country to a better country in search of of a better quality of life. And that's a phenomenon that occurs every week. We have to make sure that we promote equitable distribution of opportunity and

we need to support small businesses big businesses governments in Gio's And a real commitment to ensuring that even if we disagreed. with the policies of some countries Let us not be calling me to the extended that will be so I'm just going through the built-in sanctions is the country states for many years. We in the neighborhood. Sincerely the region the country would be held better if those sanctions will it it because we are the first to witness the experiences and ferocity

of the effects of sanctions on ordering people women and girls now if you have surgery what hope you have You know accessing Financial inclusion at the very least. Thank you. Mr. President do they close? But at the end of your mother's day financial inclusion, you have had this role no 411 yours listening to the president listening to also other prospects know when the podesta juice and the Reflections at the end from your side. I guess you will keep on doing this until they reach

all the STDs in 2013. It is just at 8 Financial inclusion is a means to an end. It's not an end in itself is just one of the railways I would save a public goods that we need to have an Evite. I'm hearing everything that's being said today, but I also know my visits the potential is there. I mean we having all these years coming in this huge amount of talent. They were going to be having some kind of access to digital me no means and we can actually turn around things. Haven't you seen countries that you don't know what a bank was all of us have them? Thank you from

the back so we can leave frog in many countries and using resources and does the mining. Alright. I want to talk about the resources of all these use girls and boys actually being a Entrepreneur Center for neural and I having themselves a solution for that country's but they need to have a space and everything. Latrice Pace, I do have some kind of backbone and infrastructure. They can rely on my think that if we have the leadership from these African countries to permit this and you know myself and all the partners will be helping and assisting to make those

changes and then to be bringing the private sector to help accordingly. I think that, you know, we might actually have a very good success story on that optimistic note. Thank you so much to her mother's day at mr. President very thankful for your contributions. I think also everyone I really enjoyed listening to you. Thank you so much.

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Feike Sybesma
Chief Executive Officer and Chairman of the Managing Board at Royal DSM NV
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Brian T. Moynihan
Chairman and Chief Executive Officer at Bank of America
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