Leaders join forces on infrastructure
African leaders are working together on major infrastructure projects on the continent, helped by business and political leaders, including former UK Prime Minister Gordon Brown.
The World Economic Forum (WEF) Global Strategic Infrastructure Initiative (ASII) hopes to draw billions of dollars to boost infrastructure projects in Africa.
“Africa has a $100-billion-a-year infrastructure gap. It needs to spend $1.5-trillion in the next 15 years to provide water, electricity, sanitation, roads, rail and economic growth necessary for 80-million young people in Africa to get jobs every year,” Brown told a media briefing.
ASII has identified a need to get projects to a stage where they are bankable.
Much-needed infrastructure projects often struggle to progress beyond the concept stage as project preparation is costly, lengthy, complex and risky.
“Without sufficient funds to pay for high- quality project preparation, projects rarely get off the ground enough to reach tender, let alone implementation,” said an ASII report.
Through the ASII, the WEF has identified a new approach based on best practices observed globally, clear objectives and a focused strategy, together with a self-sustainable finance model.
The initiative has given guidance and support by establishing a best practice framework for improved infrastructure delivery in Africa. It also enables governments to benefit from objective, transparent and informed inputs from the private sector.
Development Bank of Southern Africa CEO Patrick Dlamini said the progress the initiative had made had been remarkable.
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