Regional blocs seek advisers over infrastructure bonds
29 September 2011
The Common Market for Eastern and Southern Africa (Comesa) is considering issuing a bond for regional infrastructure.
At present, poor transport systems are preventing trade blocs from being as competitive as they could be.
As well as Comesa, the Southern African Development Community (SADC) and the East African Community (EAC) are also pursuing an aggressive development strategy.
Sindiso Ngwenya, secretary general of Comesa, told Reuters that by January they will have a clearer picture of how they intend to raise the money.
"Our expectation is that out of the $5.2 billion (£3.8 billion) projects that are ready for financing, the [development partners] will finance them," he added.
A major regional infrastructure conference is being held that will see Comesa, SADC and EAC come together in an effort to gain more investment.
It is hoped that some $3 billion will be raised by the event, which will focus on four critical transport corridors that traverse ten countries in Africa, Standard Media reports.