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Africa needs $130bn for infrastructure development annually - AfDB

The African Development Bank has revised previous estimates by more than 30% in its African Economic Outlook report for this year.

Picture: Pixabay.com

ABIDJAN - The African Development Bank says that the continent needs at least US$130 billion for infrastructure development each year.

It has revised previous estimates by more than 30% in its African Economic Outlook report for this year.

The document was launched at the bank’s headquarters in Abidjan on Wednesday.

"We’re guided by the trajectory of a growing Africa, a more resilient Africa and an Africa that must absolutely develop with what it has."

African Development President Akinwumi Adesina has made a compelling case for infrastructure projects saying they are among the most profitable investments any society can make.

He announced the Bank would organise the Africa Investment Forum in Johannesburg later this year to come up with the money.

At the same time, the banks’s chief economist Céléstin Monga says the report also proposes a menu of financing instruments all countries on the continent can tap in to.

Its estimated a 4.1% GDP growth for Africa this year.