Infrastructure News

AfDB to Raise USD 100 Billion for Infrastructure in Africa

08 September, 2013
By Zheng Zhi

The African Development Bank (AfDB) has set in place plans to raise 100 billion USD over the next two years to fund development of infrastructure in Africa, AfDB regional director for Eastern Africa Gabriel Negatu has revealed.

Speaking Thursday at the ongoing 4th Africa Governance, Leadership & Management convention, Negatu said some of the money will be raised by the national central banks and the other half from the AfDB.
The infrastructural development projects include the construction of regional railways, the Lamu port in Kenya and Bagamoyo and Dar es Salaam ports in Tanzania.

"Africa is now realizing sustainable economic growth, and what is needed is to invest in infrastructure to harness emerging opportunities," noted Negatu.

According to Negatu, the recent boom in the international market economy and the crises in global economies have shifted things to the advantage of Africa, particularly in the private sector, which he described as one of the "engines" behind Africa's growth.

Negatu also urged African countries to evolve and deliberate strategies that will sustain growth within the continent.

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