The United Nations at 80: The private sector as a transformative force for global development

LANDRY SIGNÉ: Before we begin, could you please state your full name and title for the recording in a full sentence, please?  

JAMES MWANGI: I’m Dr. James Mwangi, the group Chief Executive of Equity Group Holdings, an East and Central African Regional Financial Group. 

LANDRY SIGNÉ: I am delighted to have you joining me during the UNGA at 80. I know how hectic things could be. Let me ask you, what are your organization’s top priorities for the session of UNGA and how do you see this shaping the global agenda moving forward, Dr. Mwangi?  

JAMES MWANGI: As Equity Group, our priority, in attending this 80th UNGA annual general meeting was to advance the cause of private sector-led development finance. We have seen the challenges that are there in financing development, but we also believe there is significant capital with the private sector, which, if it receives the right signals, right incentives and right policy framework, could be able to alleviate the shortfall in development financing that the world is struggling with, and particularly the sustainable development goals  

LANDRY SIGNÉ: Powerful. And what makes UNGA a uniquely valuable forum for advancing these priorities and strengthening multilateral engagement? 

JAMES MWANGI: UNGA has a significant capability. One, because it’s a member organization, so its governance structure is strong. The second aspect is UNGA has a history of 80 years, and it has built the requisite, broad and reputation and convening power. When you look at New York during UNGA’s week, it’s like the world is all in New York. 

LANDRY SIGNÉ: Absolutely.  

JAMES MWANGI: So that strength. It is what we think we can leverage on, but it’s also the ability to have dialogue as we see in the UNGA general assembly meetings , that is important where all voices are represented and are allowed to articulate their ideas. And then we have a consensus, and vote based, on the consensus. 

That then becomes the mechanism that makes UNGA attractive and powerful.

LANDRY SIGNÉ: Insightful, Dr. Mwangi. In what ways have today’s global challenges ranging from peace, security, humanitarian crisis, sustainable development, digital governance, technology, inequality. So in which ways have those challenges reshaped your organization’s approach to engagement and to multilateralism?  

JAMES MWANGI: There are a couple of issues that have shaped the policy of Equity Group, and particularly the most significant one is a deficit in development financing. And Equity Group being a financial group, this is an area of great interest. We’re also concerned about geopolitics and the impact it has on trade and investment across the world and how it creates deficits, particularly in flow of capital, because of geopolitical issues. And given that we are a facilitator of trade using financial assets and financial tools, we could then participate in a debate to alleviate these challenges. But we also concerned about lack of opportunities for young people and hence the need to digitize the world and more important to focus on public digital infrastructure to allow young people to have skin in the game and to be able to use their skills and knowledge. 

But we are also concerned about the attainment of the Sustainable Development Goals because it means continents that are behind are lagging further behind. Inequality is being enhanced because of lack of inclusion, whether it’s digital inclusion, whether it’s financial inclusion. And as a purpose driven organization, then this appeals to us to raise our voice and to start to be counted in resolving those major global issues. 

LANDRY SIGNÉ: Fabulous.  

And finally Dr. Mwangi, looking ahead, what opportunities and recommendations do you have for organizations like yours and the United Nations or other global institutions to strengthen global governance and drive more effective international cooperation, including in private sector development,  

JAMES MWANGI: We feel there’s a window of opportunity as we go through this global reset after 80 years. Looks like there are gaps that need to be addressed, whether it’s on governance structures, whether it’s in a quality in service, whether it is dealing with geopolitical issues. And so, it is important for us to shape the world we want, and we can only shape that world we want by raising our voices, putting our concerns on the table, putting our solutions and suggestions on the table. The global reset will create opportunities, and the best is where we could create equal opportunities for all. But that cannot be achieved unless the voices of all are heard so that there is a consensus what is right. 

But there are continents like Africa where we have our operations that have a unique opportunity to shape the global conversation, to shape the new global economic order based on what they put on the table. Africa is endowed, with green renewable energy, to the extent of 62% of a neutralized, renewable energy. Development of that energy will uniquely position Africa as the manufacturing hub using clean energy. 

Africa has at its disposal by 2050, 42% of the world labor force. It’s not labor that should be moving. It is industry that should be moving where the labor is because the labor also becomes the market. So if you have the raw material, you have the energy, and you have the consumer. It’s the capital that needs to come to Africa. 

That really needs to be articulated, and Africa needs not to miss that opportunity. Lastly is Africa has been contributing to global trade through production and delivery to the marketplace of raw materials. Time has come for Africa to rise. In partnership with the rest of the world to add value to its agricultural products, its in mineral products, so that opportunities for jobs and value creation can be on the African continent. 

The biggest challenge in the African continent is poverty. The solution to poverty is wealth creation. And wealth creation is achieved when we add value to economic activities and into our productive cycles.  

LANDRY SIGNÉ: What a powerful and beautiful way to conclude. Dr. Mwangi, thank you so much for joining me today. 

JAMES MWANGI: Thank you for having me at Brookings.