Africa-Press – Angola. The Angolan president and chairperson of the African Union, João Lourenço, admitted on Tuesday that although Africa has abundant natural resources and vast potential for market integration, it still faces a colossal infrastructure financing gap, estimated by the African Development Bank at between 130 and 170 billion US dollars.
Speaking at the Third Summit on Infrastructure Financing in Africa being held in Angolan capital, Luanda, Lourenço said the infrastructure deficit limits economic growth, increases production costs, and perpetuates regional inequalities, constituting one of the main obstacles to the continent’s sustainable development.
“We are gathered here today in Luanda not only to discuss figures, projects, or financial mechanisms, but above all to reaffirm our common vision of a connected, modern, and resilient Africa. An Africa where roads connect our markets, where electricity grids power our industries, and where digital technologies bring our citizens closer to the opportunities offered by the 21st century,” said Lourenço.
The AU chairperson pointed out that the success of the African Union’s Agenda 2063 depends largely on the effective implementation of the Program for Infrastructure Development in Africa (PIDA), an instrument that promotes regional integration, economic growth, and environmental sustainability.
Lourenço stressed the continent’s positioning as one of the engines of global growth and should capitalize on its demographic dividend, characterized by a predominantly young, innovative, and active population, abundant natural resources, and the growing need for market integration.
“The Luanda Summit should mark another step on the joint path of policy formulation and mobilization of resources for the realization of the African Union’s agenda,” he said.
The event brings together heads of state and government, representatives of international financial institutions, and regional leaders to discuss financing mechanisms, modernization, and cross-border cooperation with the aim of building a more integrated, connected, and prosperous Africa.
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