To increase funding and investment models, the president urged African leaders to be open to various financing models.
The dream of a road that stretches from the Cape to Cairo could soon be realised if President Cyril Ramaphosa has his way.
This project comes on the back of a recent African Continental Free Trade Agreement that was signed by 44 African countries in Kigali, Rwanda, in March 2018.Strategic concept document Ramaphosa, who is due to take over as chairperson of the AU this weekend, was speaking at a PICI breakfast he hosted in Ethiopia during the AU summit.
The African Development Bank estimates the need for infrastructure development on the continent, coupled with the need for technological growth and generation, amount to about $130bn to $170bn per year. He added excess savings in many advanced countries could be channelled into financing profitable infrastructure projects in Africa.“The issue of risk in Africa is often exaggerated. The risk of loss in Africa is lower than in Latin America. Yet, funds are not being channelled into Africa. For example, there are $8tn worth of assets under management in London, but only 1% is invested in Africa.”
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