AFC To Tackle Africa´s Infrastructure & Investment Deficit
11 March 2014
The Africa Finance Corporation (AFC) an African-led multilateral development financial institution whose mission is to improve African economies by proactively developing and financing infrastructure assets announces details of its inaugural Summit.
The Summit, titled: `AFC Live: Bridging the Infrastructure Divide´ responds to the need to open a dialogue to address the scale of Africa´s infrastructure requirements and its investment deficit, which is conservatively estimated at over US$40 billion per annum over the next ten years (1). The Summit takes place on 25 March 2014 at the Eko Hotel & Suites, Lagos, Nigeria .
The Summit will bring together African politicians, business leaders and academics for a series of lively panel discussions. Confirmed speakers include: Jim O´Neill, the economist and former Chairman of Goldman Sachs Asset Management, best known for coining the `BRIC´ and `MINT´ acronyms, as well as:
- Dr. Ngozi Okonjo-Iweala, Coordinating Minister of Finance and Economy, Nigeria;
- Prof. Chinedu Nebo, Minister of Power, Nigeria;
- Hon. Patrick Achi, Minister of Economic Infrastructure, Côte d´Ivoire;
- Hon. Cristina Duarte, Minister of Finance, Cape Verde;
- Mr Jim Yong Cai, Executive Vice President and CEO, International Finance Corporation;
- Mr Tony Elumelu, Chairman Heirs Holdings;
- Ms. Diana Layfield, CEO Africa, Standard Chartered Bank
- Dr. Nkosana Moyo, Mandela Institute for Development Studies; and
- Ms. Funke Opeke, CEO Main One
The Summit is the must attend event for audiences interested in Africa´s infrastructure challenges. It will discuss issues such as Africa´s need to take the lead in bridging the investment divide whilst also accessing international capital as part of a joined up and holistic approach.
Commenting on the upcoming Summit, Bayo Ogunlesi, Chairman of AFC, said:
"The summit is a key opportunity to for a broad range of stakeholders, from national governments to the indigenous and international private sector and donor partners, to contribute to the development of constructive solutions to the deficit in infrastructure investment in Africa which continues to hold back economic growth on the continent."
"The Africa Finance Corporation is committed to serving as a catalyst for growth in infrastructure development in Africa, by focusing on investments in the sectors that are critical to economic growth on the continent and attracting new investment partners and country members."
Commenting on the Summit, economist Jim O´Neill, said:
"I am delighted to be participating in the AFC´s ina ugural summit which promises to address an important agenda. If Africa is to reach its potential as the home to some of the fastest-growing economies in the world, then infrastructure will play a vital role in making that happen.
This conference provides an excellent opportunity to gather some of the most important figures in the region in order to discuss how this can be achieved. The AFC plays not just a vital role in brokering these discussions but also in financing and advising some of most transformative infrastructure projects on the continent."
Key sessions at the Summit will include:
- `Building the New Africa - action plan for the next decade´
- Panel 1: power sector
- Panel 2: transport sector
- Panel 3: natural resources
(1) The World Bank estimates Africa´s infrastructure deficit at US$38 billion of investment per year, with a further US$37 billion per year required in operations and maintenance. This represents c.12% of Africa´s current GDP.
py Ghana by Prosper Agbenyega