Africa to spend $72bn a year on infrastructure, but shortfall persists
12 April 2012
Creamer Media's Engineering News - 11 April 2012
Africa is able to spend about $72-billion a year on infrastructure, but there remains a $480-billion shortfall over the next decade, President Jacob Zuma said on Wednesday.
He told delegates at the International Trade and Investment Conference hosted by the Department of Trade and Industry at Sun City, in the North West, that additional funding was required, particularly in water, power and transportation, and that much scope existed for private participation and investment.
“Should Africa continue to narrow its infrastructure gap, economic growth could be boosted by as much as 2 percentage points a year,” Zuma noted.
He commended initiatives geared towards promoting the African economy, such as the African Union’s (AU’s) Presidential Infrastructure Championship Initiative, a continental committee of eight New Partnership for Africa's Development heads of State and government, to champion high-level infrastructure projects.
The President also pointed out that South Africa chaired the North-South Road and Rail Corridor project that cuts across eight countries in eastern and southern Africa and aims to facilitate trade by upgrading road, rail, power and port facilities, as well as simplifying cross-border regulatory procedures.