Africa Needs $170 Billion Annually for Infrastructure Requirement – AfDB

0
156

Enterprise Television- Africa Needs $170 Billion Annually for Infrastructure Requirement – AfDB

The African Development Bank (AfDB) says that Africa needs about 170 billion dollars annually to meet its infrastructure requirement.

Secretary-General of the bank, Prof. Vincent Nmehielle, disclosed that in 2016, the bank approved 7.8 billion dollars to finance investment in the African continent and in 2017; it was about 6.7 billion dollars.

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

He however noted that improving the private sector operation was the only way for Africa to meet its development potentials.

Nmehielle revealed that 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.

He also stated that the Forum would be launched in South Africa from Nov. 7 to Nov 9.

On the funding of the high five priority projects of the bank, he said that the bank had earmarked 9.99 billion dollars for the implementation of the projects.

The high five projects include Light up Africa, Feed Africa, Industrialize Africa, Integrate Africa and improve the quality of life of the people of Africa.

Commenting on the annual meeting, he said it would focus on review of the Bank’s accounts by the Board of Directors adding that some resolution would equally be passed at the meeting.