ICA members mobilise USD 4.2 billion in last 9 months
20 June 2006
In order to demonstrate its added value, the Consortium was expected to mobilise resources to support 4 to 5 strategic investments identified from the NEPAD Short Term Action Plan (STAP).
The Consortium meeting in Addis on June 19th was an occasion to measure the commitment of the members after 9 months of joint efforts. The meeting revealed that, way above the initial target, funding from ICA members has been already committed for a total of 11 STAP projects totaling US$764.3m, while a further US$7.9m was committed to studies designed to advance the implementation of STAP projects.
Outside of the STAP, the ICA Secretariat indicated that Consortium members are responding to country priorities, and have increased investment to regional and national infrastructure projects. From the launch of ICA in October 2005 to June 2006, consortium members have committed US$3.47bn to country-level projects.
Overall, US$4.24bn were spent in 9 months, up from US$4bn for the whole of 2004. This reflects an increasing donor commitment to infrastructure, amounting to approximately US$2bn per year until 2008.
Given the scale of the investment required, the ICA members have committed to continue to advocate for more resources to infrastructure from own development budgets, country budgets and the private sector.
Categories: General News