AfDB to Strengthen Africa’s Infrastructure With $170 Billion

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The African Development Bank (AfDB), Africa’s foremost financial agency on business and trade development hasannounced talks with Governors to adopt proactive, effective and efficient strategies that will aid in closing Africa’s $170 billion infrastructure investment gap.

The bank also solicited for support among its East and North African Governors on the urgency of its measures to match the continent’s growing population and youth unemployment, which it likened to a “ticking time bomb.”

At a two-day consultation at the bank’s headquarters in Abidjan, Cote d’Ivoire, they however, described the continent’s growing young population as a potential growth engine for the world, when harnessed.

AfDB President, Akinwumi Adesina, said the good news is that the solution is within our reach and will require investments.

Contributing to the activity, Isdor Mpango, Tanzania’s Minister for Finance and Planning, called for a closer involvement of the private sector in financing development on the continent.

“The African Development Bank is well positioned to advise and assist governments and the private sector to come up with bankable projects,” Mpango said, calling for “direct resources to provide budget support and investment opportunities.”