Horn of Africa Summit Concludes: Calls Infrastructure Funding
15 March 2012
The African News Journal - March 13, 2012
Nairobi, Kenya — Members of the Intergovernmental Authority on Development (IGAD) have petitioned development partners to finance key infrastructure projects in the Horn of Africa.
During the Horn of Africa Summit 2012 on Infrastructure and Investment hosted in Nairobi, IGAD Executive Secretary Mahboub Maalim said the countries had prepared a range of strategic investment choices to raise the profile of the priority projects.
"Out of about $7 billion (Sh574.7 billion) which was our estimate in operationalising this plan, $2 billion (Sh164.2 billion) is already available and has been mobilised with works going on at various stages in various countries," he said.
A ring corridor to link major ports and trading hubs of the Horn countries (Djibouti, Eritrea, Ethiopia, Kenya, Somalia, Sudan and Uganda) is one of the ambitious infrastructure projects.
The Horn of Africa region has been plagued by droughts, abject poverty and dilapidated infrastructure stifling efforts towards economic development.
To date, IGAD has had limited success in securing funding for large capital investment projects such as roads.
Consequently, the Horn of Africa Initiative (HOAI) was established to address these issues, putting key focus on infrastructure development such as interconnectivity in transport and energy sectors as well as regional management of water resources for food security.
HOAI has six projects planned for the water sector amounting to Sh10.7 billion (€100.5 million) and will include water harvesting, groundwater assessment, capacity building for water planning institutions and a regional water trust fund among others.