AfDB earmarked $44bn for Infrastructure Development

In the previous six years, the African Development Bank (AfDB), Africa’s leading infrastructure financier, has contributed more than $44 billion to infrastructure projects across the continent.

The money will go toward issues like transportation, energy, water, and sanitation, but “despite our best efforts, Africa still faces an infrastructure finance gap of $68 to $108 billion yearly.”

This was revealed by Akinwumi Adesina, President of the African Development Bank Group, at a high-level virtual roundtable discussion on scaling up infrastructure financing, which was moderated by US Assistant Secretary for International Trade and Development Alexia Latortue and organised in the context of President Biden’s Building Back a Better World plan.

Adesina laid out steps for a global collective path on infrastructure financing at the virtual roundtable, praising Secretary Yellen and the Biden Administration for mobilising development resources to expand infrastructure financing, which he said was critical for Africa and other developing countries.

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