According to Akinwumi Adesina, the President of African Development Bank, Africa can leverage on capital markets, pension funds and sovereign wealth funds to bridge the infrastructure gap. Sharing a panel with the heads of nine Multilateral Development Banks(MDBs) last Saturday in Washington, he said while MDBs could provide funding for infrastructure, there was huge scope for the continent to use own resources to bridge financing gap.
According to Mr Adesina, the main challenge that the continent is facing is electricity, furthermore he added that the banks would invest $ 12 billion into energy sector during the next five years with potential unlocking an additional $40-50 billion in funding from the private sector.
Source: The Herald
Published on: 21 April 2016