DAKAR -- A two-day conference opens here Monday on financing the New Partnership for Africa's Development (NEPAD), which seeks to lift the world's poorest continent out of its misery through a new partnership with the developed world and global corporate giants.

At least 20 African leaders, international business leaders, UN officials and non-governmental organizations will attend the meeting, an important prelude to a Group of Eight (G8) summit in Canada in June.

The NEPAD plan will be on the agenda and Africa will be seeking strong financial backing for its development initiatives at the summit of seven leading industrialized countries and Russia.

According to Senegalese President Abdoulaye Wade, one of the main architects of NEPAD, some 20 heads of state and prime ministers will attend the Dakar summit.

On Sunday, however, two heavyweights -- Olusegun Obasanjo of Nigeria and Thabo Mbeki of South Africa -- pulled out because of pressing engagements at home.

Obasanjo, head of NEPAD's working committee, was due to have opened the summit and Mbeki was to have addressed a plenary session on "good governance -- a condition for investment."

According to the official list, the 900-odd participants include at least 12 African presidents and six prime ministers.

The main objective of the conference, according to organizers, is to "provide the private sector with an opportunity to dialogue with African heads of state and government" to enable investments in a new and transparent strategic partnership.

To avoid endless -- and vague -- pledges and generalizations, the organizers have set up workshops to develop concrete proposals and ideas on subjects including education, health, infrastructure, energy, the environment, access to developed markets and good governance.

The last is of primary importance as the developed world has repeatedly cited a lack of democracy and good administration in many African countries as a major impediment.

About a dozen African leaders, including some of the region's most powerful figures, last month agreed to set up a new body to enforce standards for governance across the troubled continent.

And they agreed that what they called the "technical aspects" of the mechanism should be "conducted by an independent, credible African institution separate from the political process and structures."

Africa is sadly lacking in infrastructure, health and education -- all crucial for attracting investment.

The density of the railway network averages 2.7 kilometres (1.7 miles) of tracks for every 1,000 square kilometres against 400 kilometres (240 miles) in Europe, according to Senegalese Transport Minister Youssouf Sakho.

Several countries have poor electricty supplies, notably Angola, Chad, Cameroon, Guinea-Bissau, Nigeria and the Democratic Republic of Congo.

Nigeria, Black Africa's most populous country, produces an average of 3,000 megawatts for its 120 million people, against an average of 40,000 megawatts by South Africa for a population three times smaller.

AIDS is another major problem. More than 28 million people in Africa are estimated to be infected with HIV, the virus that causes AIDS.

A major stumbling block is the proper utilization of external aid.

British Prime Minister Tony Blair, during a February visit to four West African countries, said that many in the developed world had become cynical about aid, which was earlier seen as lining the pockets of "elite and corrupt leaders."

"We therefore need a different approach, and this is where the NEPAD partnership is absolutely critical," he said.