Welcoming the priority given by G20 nations to increase investment in infrastructure in developing countries, members of the Infrastructure Consortium for Africa (ICA) agreed at their annual meeting to expand membership of their organisation and will invite G20 countries to join.
During a two-day meeting held in Paris from 17-18 May 2011, delegates were advised by the ICA Secretariat that total external financial commitments to African infrastructure projects rose by 40% to $55 billion in 2010, with investment by ICA members alone also going up by 40%, while investment by the private sector returned to levels last seen before the global economic crisis.
ICA members also reaffirmed their commitment to support African-owned and led initiatives to drive infrastructure development across the continent. They welcomed the Presidential Infrastructure Champions Initiative (PICI) led by President Zuma of South Africa and the Institutional Architecture for Infrastructure Development in Africa (IAIDA), promoted by the African Union, as initiatives that are led by member states and regional organisations in support of the Programme for Infrastructure Development in Africa (PIDA).
Commenting on the increase in commitments to infrastructure investment in Africa, Bobby J. Pittman, Vice President of the African Development Bank, said: “These are exciting times for infrastructure development in Africa. The increase in commitments is extremely encouraging, and shows the positive impact that the ICA has had in mobilising finance. But what next? We need to connect project sponsors to potential funders. We need to communicate ideas and proposals. One idea might be to develop a ‘virtual marketplace’ where project sponsors and potential investors could find one another.”
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During a two-day meeting held in Paris from 17-18 May 2011, delegates were advised by the ICA Secretariat that total external financial commitments to African infrastructure projects rose by 40% to $55 billion in 2010, with investment by ICA members alone also going up by 40%, while investment by the private sector returned to levels last seen before the global economic crisis.
ICA members also reaffirmed their commitment to support African-owned and led initiatives to drive infrastructure development across the continent. They welcomed the Presidential Infrastructure Champions Initiative (PICI) led by President Zuma of South Africa and the Institutional Architecture for Infrastructure Development in Africa (IAIDA), promoted by the African Union, as initiatives that are led by member states and regional organisations in support of the Programme for Infrastructure Development in Africa (PIDA).
Commenting on the increase in commitments to infrastructure investment in Africa, Bobby J. Pittman, Vice President of the African Development Bank, said: “These are exciting times for infrastructure development in Africa. The increase in commitments is extremely encouraging, and shows the positive impact that the ICA has had in mobilising finance. But what next? We need to connect project sponsors to potential funders. We need to communicate ideas and proposals. One idea might be to develop a ‘virtual marketplace’ where project sponsors and potential investors could find one another.”
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