$170bn required to meet African’s infrastructural need annually–AfDB
The African Development Bank (AfDB) has said that Africa needs about $170 billion annually to meet its infrastructure requirement.
Vincent Nmehielle, Secretary General of the bank, disclosed this at a media briefing to announce the bank’s annual meeting, this week, in Abidjan.
“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.
“If you look at the African economic outlook that was released in January, it is very clear that Africa needs 170 billion dollars yearly, to fully meet its infrastructure requirement.
“This will help it to meet the infrastructure gap,” he said.
He said that the bank only approved $7 billion 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 noted that improving the private sector operation was the only way for Africa to meet its development potentials.
“That is the reason why the bank has 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.
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