$160bn in projects planned in Africa

The Dakar Financing Summit for Africa’s Infrastructure Development recently opened its doors in Senegal with the aim of showcasing a range of 69 infrastructure projects valued at $160 billion. The summit will bring together African heads of state, the African Development Bank, development finance institutions, and institutional investors to lay the groundwork for these projects to reach completion by 2030. The African Union Development Agency and the Senegal Government are co-hosting the event.

The 69 projects form a part of the Programme for Infrastructure Development in Africa (PIDA) plan, which seeks to develop infrastructure in order to enhance Africa’s economic integration and competitiveness. The PIDA Priority Action Plan 2 was approved by the African Union Assembly of Heads of State and Government in 2021.

The summit will feature a roundtable discussion with President Macky Sall of Senegal, President Paul Kagame of Rwanda, Prime Minister Mostafa Madbouly of Egypt, and Marie-Laure Akin-Olugbade, Acting Vice President for Regional Development, Integration and Service Delivery at the African Development Bank Group. The discussion will center around the topic of “Financing Africa’s Infrastructure Priorities under PIDA PAP 2” and will include participation from Prof. Benedict Oramah, President and Chairman of Afreximbank.

The 69 projects come from all five regions of Africa and are being implemented by regional bodies such as ECOWAS, COMESA, and SADC. The African Development Bank has already financed $7 billion worth of PIDA projects under the first priority action plan (2012-2020), and has been the principal lender, acquiring more than 50% of the overall financing. Over the past 15 years, nearly $9 billion has gone towards Africa’s key infrastructure programs and projects through the NEPAD infrastructure program.

One of the most notable PIDA projects that the African Development Bank funds is the Abidjan-Lagos Highway, which is estimated to cost $15.6 billion. The 1,081-kilometer highway will run along the coast of West Africa, connecting Abidjan to Lagos via cities such as Accra, Lomé, and Cotonou.