ADDIS ABABA, Nov. 28 (Xinhua) -- Experts and policymakers attending a high-level infrastructure development-themed event have called for concerted efforts in mobilizing resources to bridge the financing gap in this regard to spur Africa's connectivity and economic growth.
This came during the eighth Program for Infrastructure Development in Africa Week (PIDA Week 2024), held on Nov. 25-29 under the theme "Fostering Resilient and Inclusive Infrastructure for Africa's Sustainable Growth: Leveraging Transformative Financing and Regional Integration" at the African Union (AU) headquarters in Addis Ababa, the Ethiopian capital.
Addressing the closing session Thursday, Kamugisha Kazaura, director for Infrastructure and Energy at the AU Commission, underscored the urgent need to address financing and capacity development gaps as a crucial enabler for the realization of major infrastructure development projects in Africa. Noting the critical gap in financing infrastructure projects in Africa, he stressed the need to strengthen public-private partnerships to bridge the gap.
"We need to mobilize domestic as well as international financing. This is very crucial to be able to bridge the financing gap. In order to be able to implement complex development projects, we need the right requisite technical and capacity building," Kazaura said.
According to the AU, as a continental initiative spanning until 2040, the PIDA aims to address infrastructure deficits across the continent. The PIDA is a continental initiative adopted by all African countries to mobilize resources to transform Africa with modern infrastructure.
Data from the AU show that through PIDA projects, nearly 30 million people in Africa have gained access to electricity, bringing the continent's overall electricity access rate to approximately 44 percent. Since the start of PIDA, more than 16,000 km of roads and 4,000 km of railway lines have been developed across the continent.
While addressing the opening session Monday, Moussa Faki Mahamat, chairperson of the AU Commission, underscored that the African continent is at a critical juncture in its development. He said the structural transformation of African economies, as envisioned in Agenda 2063, the AU's 50-year continental development blueprint, requires modern, resilient, and inclusive infrastructure.
Faki underscored that the theme of PIDA Week 2024 reflects Africa's common commitment to building a prosperous and integrated future for all. He said the PIDA remains Africa's flagship program for developing cross-border infrastructure that promotes integration and sustainability.
Ethiopian Minister of Transport and Logistics Alemu Sime noted that a significant amount of investment is needed to meet core infrastructure development in developing countries.
"Half of Africa's population still lack access to electricity, and millions of people have no access to clean drinking water. On top of that, a few people in the continent have access to all weather road and railway network, and Africa is below the global average almost in all aspects," Sime said.
He said poor physical and digital infrastructure remains the most formidable challenge to boost intra-Africa trade and spur development. Inadequate financial resources and high investment costs are key impediments to Africa's infrastructure development.
"We cannot rely solely on traditional financing mechanisms. We must leverage innovative funding sources especially public-private partnerships and international financing options to turn our visions into reality," Sime said.
