This week's UK-Africa Investment Summit will provide a welcome business-focused forum for leaders to assess the challenges and opportunities for African countries. Throughout the summit, I will stress the importance – and difficulty – of transformational improvements in economic programs. Faster, more sustained and broad-based growth is the only path to creating the jobs and stability needed for the millions of young people reaching working age and is vital to the World Bank’s mission of alleviating poverty and raising living standards.

Investors are eager to have a positive impact on development, while seeking portfolio diversification and sound returns. Building these investments has been difficult, but with effort and leadership, the opportunity exists for many African countries to become competitive. Significant progress has been achieved in Africa over the past decade, thanks to the efforts of a new generation of policymakers and business leaders emerging across the continent.

In countries such as Ethiopia, people are urging their governments to push forward with ambitious reforms. The spread of new technologies and smarter financial regulation, notably in Kenya, has opened opportunities for digital financial services, providing millions more people, including women and small-scale entrepreneurs, with economic opportunities. Low-carbon energy investments, including those supported by the World Bank Group's International Finance Corporation, can help unleash growth.

Africa's success stories prove that countries can grow. Foreign investment and international development assistance - notably from the UK - have each played an important role. But much more work needs to be done.
The building blocks for progress are known. Countries need rules of law that encourage competition and are enforced. Sound money, spending discipline, clean water and dependable electricity are all required for progress.