Africa needs about N100 billion yearly to address its infrastructural challenges, the President, African Development Bank (AfDB), Dr. Akinwunmi Adesina, has said.
Adesina, who spoke in Lima, Peru, at a $90 million financing arrangement for an airport project in Egypt, drawn from the Africa Growing Together Fund (AGTF), said the amount of resources in Africa to deal with that is about N50 billion a year.
So there is gap, he said, adding that a new Africa Delivery Vehicle called Africa 50 has being inaugurated to help raise funds to close the gap.
The AfDB chief noted that power was critical to achieving economic growth in the continent, stressing that the absence of power infrastructure would leave the sub-region underdeveloped.
“There is no way Africa can move to the top of the global economy value chain without power. That is why we have developed a new energy initiative for Africa 2025. Africa is tired of being in the dark and I am optimistic that most of our development challenges would be addressed, if there is sufficient power to run the economies,” Adesina said.
He added that countries at the peak of the global economic pyramid “are those that are competitive and are at the top of the value chain.”