The Infrastructure Consortium for Africa (ICA) has revealed the 2017 infrastructure development in Africa which it said rose by 22 percent.
It issued the stance on the first day of the Africa Investment Forum, holding in South Africa.
The ICA’s Infrastructure Financing Trends in Africa 2017 report shows that obligations to develop Africa’s infrastructure improved to $81.6 billion in 2017 from US$66.9 billion in 2016.
The 2017 figure is the uppermost reported since 2010.
The ICA’s research shows that the foremost factors behind the growth include a $13 billion increase in identified Chinese obligations and a $3.7 billion increase in African government spending.
ICA Coordinator and Manager, Infrastructure Partnerships, Mr Mike Salawou, at the African Development Bank, commented:
“Over the years the Infrastructure Financing Trends in Africa report has become an important document for presenting, in a reliable manner, how finance is being prepared to develop the continent’s infrastructure.
“The report’s book this year on the first day of the Africa Investment Forum is extremely timely.
While the 22% increase in financial commitments in 2017 is very comfortable, the report also serves to highlight the size of Africa’s infrastructure financing gap Salawou said.
The report tinted key findings from 2017.
The findings show that pledges from ICA member countries to African infrastructure projects in 2017 rose to US$19.7 bn, from the $18.6bn reported in 2016.
The opening of Africa Investment Forum will take place from 7 to 9 November 2018 in Johannesburg, South Africa, presenting a platform for sourcing funding for bankable African projects and providing innovative financial solutions.
The event will attract key global companies, financial players, and public officials who will address the continent’s serious infrastructure investment gaps.