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Tuesday, 08 May 2012

'Africa: 54. Countries One Union' points to gap in infrastructure spending

According to a report by the Foundation for Worldwide Cooperation, around $93 billion is needed for building good infrastructure annually, which implies a huge resulting deficit, when compared to the continent's current expenditure of only $45 billion in the sector.  These findings were unveiled during a conference on peace and security, infrastructure, and trade in Africa, at the new African Union Conference Center in Addis Ababa, Ethiopia, under the theme, "Africa: 54. Countries One Union".
Romano Prodi, president of the foundation, stated that African firms could achieve productivity gains of up to 40 percent with adequate infrastructure: "Africa needs to build regional infrastructure that will promote inclusive growth and integration, and will create large and competitive economic areas that are attractive to investors and might lead to increased employment and mobility of people across borders,"
Representatives from the African Union and its sub- regional organizations, the UN, the European Union (EU), China and the United States were in attendance at the event.  "Africa: 54 Countries, One Union" is a follow-up to last year's conference in Washington D.C.,  which aimed to boost African initiatives on infrastructure and development.

Source: China Radio International