Friday, May 27, 2011

G8 to prioritise Africa in financing infrastructure projects, notably through Multilateral Development Banks

In a statement at the end of the G8 Summit of Deauville from 26-27 May 2011, titled “G8/Africa Joint Declaration: Shared Values, Shared Responsibilities”, the G8 countries committed “to prioritise Africa in financing infrastructure projects.”

“Taking into consideration the specific challenge the continent is facing, we call for concerted action by the international community, and notably through the Multilateral Development Banks, to prioritise Africa in financing infrastructure projects,” they said.

In their statement, they commended many of the initiatives the African Development Bank is leading or actively taking part in like the African Union-NEPAD Action Plan and the Programme for Infrastructure Development in Africa (PIDA).

The G8 leaders considered energy as a key element to ensure economic development in Africa. “Limited access to energy along both dimensions -- electricity and cooking fuels -- remains a major concern. It is a key bottleneck for economic development and poverty reduction, and the widespread use of traditional cooking fuels is at the origin of severe negative health and environmental impacts,” they declared. “We therefore emphasize the need to ensure access to sustainable energy services, with a particular focus on renewable energy sources. The G8 will continue to support projects for access to energy, both decentralised and centralised, notably those with a regional dimension and a sustainable development perspective, as well as cross-border trade and capacity-building initiatives on energy.”

Read the full declaration