World Bank to invest in African infrastructure

28 March 2011

African infrastructure projects will benefit from World Bank investment.

A new policy is being launched that will replace the Africa Action Plan and it will have a wider remit than its predecessor, the East African reports.

More than 1,000 people from 36 countries have been canvassed ahead of the publication of the strategy.

The continent's infrastructure requirements are proving challenging, with an extra $48 billion (£30 billion) needed every year to bridge gaps in the current funding.

Obiageli Ezekwesili, the organisation's vice-president for Africa, believes one area that can be used to foster growth is ICT, adding: "This sector will boost national competitiveness ... and attract more foreign investment needed to stimulate economic growth."

The new plan will be reviewed and updated every five years.

John Green, head of global business development at Investec Asset Management, recently told Reuters growth will stall in the continent unless infrastructure continues to be invested in.

Categories: General, ICT

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