34.2 C
Lagos
Monday, February 10, 2025

spot_img

G-7 leaders reaffirm support for billion-dollar infrastructure programme for Africa

7 leaders meeting at their summit in Puglia, Italy have reaffirmed support for multi-billion-dollar infrastructure projects across Africa to realise the continent’s economic potential and transformation.

The meeting, which reviewed the PGII’s accomplishments and delivery on commitments since its 2022 launch, was also attended at CEO level by Italian and US representatives from the financial, energy and digital private sector with a wide portfolio in the African continent.

Italy told the gathering it was joining US and EU efforts to promote sustainable development along the Lobito Corridor—committing to strengthen collaboration and mobilize an additional aggregate contribution of up to $320 million in investment in support of the core rail infrastructure and of the related side projects, with a view to additionally creating synergies with the Alliance for Green Infrastructure in Africa (AGIA).

The Lobito Corridor is connected by a stretch of railway infrastructure snaking through mineral- and oil-rich parts of Angola, the Democratic Republic of Congo, and Zambia. It connects Southern and Central Africa, and provides access to Eastern Africa and a pathway to the Atlantic Ocean.

It is typical of the mega infrastructure projects supported by the African Development Bank to ensure Africa attains its stated aim of complete economic transformation, sustainable development and poverty elimination.

Expressing his thanks for being invited to participate at the prestigious G-7 summit, Bank President Dr Akinwumi Adesina told world leaders that the African Development Bank had invested over $50 billion in quality infrastructure in Africa over the past eight years. He stated that the African Development Bank is the continent’s leading financier of infrastructure in Africa.

However, he cautioned that: “Africa has an infrastructure financing gap of $68-108 billion annually.” This needs to be addressed to realise Africa’s ambitions, strongly supported by the G-7, to become a major global economic powerhouse.”

In support of the G7’s Partnership for Global Infrastructure and Investment (PGII) goal of mobilizing $600 billion in infrastructure investment in emerging economies, a coalition of US investors highlighted and committed anew billions of dollars in private investment in scaled infrastructure in emerging markets, aligned with PGII priorities.

In a joint statement, the co-chairs welcomed Italy’s renewed commitment to boost development in Africa including by deepening partnerships with African Nations through its Matter Plan and stressed their commitment to increase coordination between PGII, MPA and the EU’s Global Gateway “to maximize our collective impact as we work to develop transformative economic corridors in Africa.”

Related Articles

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Stay Connected

0FansLike
0FollowersFollow
0SubscribersSubscribe
- Advertisement -spot_img

Latest Articles