AfDB's financial support for Africa's infrastructure grows by 600%
28 June 2011
The financial support given to Southern Africa by the African Development Bank (AfDB) has grown considerably over the last few years.
According to a report published yesterday (June 27th 2011), the group increased its loan and grant approvals to the region by 600 per cent between 2008 and 2009.
The AfDBGroup in Southern Africa - Fostering Growth and Integration report showed that in 2009, the organisation had approved finance of $5.44 billion (£3.40 billion), compared with $769.44 million the year before.
This has helped the region develop its infrastructure and the AfDB believes giving financial assistance to Southern Africa is necessary as the area has "strategic importance".
According to the report: "The region has the potential to drive, promote, and expand growth - both socially and economically - across the continent."
The AfDB has also been showing its support for North Africa and confirmed that €137.34 million (£122.96 million) will be lent to the Tunisia Highways Corporation in order to improve the transport infrastructure in the country.