Home General News ICA - Africa Noted 22% growth in infrastructural development

ICA – Africa Noted 22% growth in infrastructural development

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.

 

Avatar
Arierhi Odjirighohttps://360aproko.com/
Music lover, writing gives me joy and am a proud one. The secret of getting ahead is getting started

Must Read

“I stand with you babana and we will always stand for truth” – Senator Elisha Abbo’s wife reacts, says her husband is innocent

Emily Eric, wife of Nigeria’s youngest senator, Elisha Abbo, who was caught on camera assaulting a woman at a sex toy shop in Abuja,...

Bayero University Law undergraduate says she stabbed her hubby in self defense

Hanan, the Law undergraduate of the Bayero University Kano, who has been accused of stabbing her husband, Saeed Hussein, at their home in Kano...

Lady weeps after she was thrown out of a moving car by kidnappers in Rivers state

A Lady escaped being abducted in Port Harcourt, Rivers state today June 22nd.   Broadcaster Chioma Ezenwafor who shared the story online, stated that there was...

Intersex athlete, Caster Semenya accuses IAAF of using her as ‘human guinea pig’ amid hormone testing controversy

South African Olympic champion and intersex athlete, Caster Semenya has accused world athletics' governing body the IAAF of using her as 'a human guinea...

President Buhari commends Nigerians for living peacefully abroad

President Buhari today in Abuja commended Nigerians residing in foreign countries for living peacefully with their host communities.   Giving the commendation when a delegation of...