Economy

See how much AfDB said Africa needs annually to meet infrastructure requirement

A new report by the African Development Bank (AfDB) has quantified Africa’s infrastuctural requirement. AfDB made this disclosure on Thursday at a news conference in to announce its annual meeting.

Addressing newsmen in Abidjan, the bank’s Secretary General, Vincent Nmehielle said Africa needs one hundred and seventy billion dollars (N170bn) annually to meet its infrastructural need.

Below are excerpts from the statement:

“In 2016, the bank approved 7.8 billion dollars to finance investment in African continent and in 2017; it was about 6.7 billion dollars that was approved.

“ If you look at the African economic outlook that was released in January, it is very clear that  for Africa infrastructure to be fully met, it will require about 170 billion dollars yearly.

“This will help it to close the infrastructure gap.

“The bank only approved seven billion dollars for all aspects of its high five priority projects  adding that there was the need to diversify the sources of African development through promoting the private sector.

“Improving the private sector operation was the only way for African to meet its development potentials.

“That is the reason why going forward the bank has just instituted the African Investment Forum.

“The Forum is a platform where the bank is trying to bring lots of investors to look at projects to finance across the African region, particularly private sector projects.

“We also have some government arrangement that will do PPP arrangement to leverage on the resources that the bank has for the continent,’’

“The Forum would be launched in South Africa on the 7th to 9th of November which would attract a number of international financing organizations.

“The bank has earmarked 9.99 billion dollars for the implementation of the high five priority projects.

“The high five projects include, Light up Africa , Feed Africa, Industrialise Africa, Integrate Africa and Improve the quality of life of the people.

“The meeting would focus on review of the Bank accounts by the Board of Directors and some resolutions would equally be passed at the meeting.

“There will decisions on the direction of the bank and concrete decision would made on strategic projects of the bank,’’

Categories: Economy

Tagged as: , ,