Africa-Press – Angola. The African continent needs to invest around 130 billion US dollars per year in infrastructure projects, compared to the current investment of 90 billion US dollars per year, said Mahmoud Ali Yusuf, chairperson of the African Union Commission, on Tuesday in Luanda.
Speaking at the opening of the 3rd Summit on Infrastructure Financing in Africa, which is taking place from October 28 to 31 in Luanda, the AU official said that this deficit has hindered industrialization and weakened the continent’s logistics network.
He noted that the intra-African market accounts for less than 16% of total trade, compared to over 60% in Europe and 55% in Asia. This data encompasses not only the financial sector, but also the institutional, strategic, and political sectors.
Yusuf emphasized the urgent need to rethink development, integration, and financing models for the continent. He added that the summit is taking place at a crucial moment of great political uncertainty but that the march toward progress must continue.
“Our continent must assert its ability to finance, plan, and drive its own transformation beyond existing weaknesses,” he stressed.
The chairperson of the African Union Commission said that Africa seeks modern, interconnected, and durable infrastructure, which is fundamental to economic sovereignty, competitiveness, and African unity.
“Over the course of a decade, the Program for Infrastructure Development in Africa (PIDA) has demonstrated our ability to achieve great things when we work together. We have built more than 16,000 kilometers of transcontinental roads, approximately 4,000 kilometers of railways, over 3,500 kilometers of power lines, and provided access to water for over 300 million Africans. This progress demonstrates African integration,” he said.
He advocated for the construction of an African financing and development ecosystem with four pillars: mobilizing domestic resources, innovatively using instruments, accessing global financing, and considering the roles of institutions such as the African Union, NEPAD, and the African Development Bank.
Initiatives such as the Abidjan-Lagos Corridor and the Lobito Corridor demonstrate that a balanced partnership between Africa, Europe, and the United States can strengthen the continent’s collective position in the global economy.
The four-day event brings together more than 2,000 delegates, including investors, representatives of international financial institutions, experts, and policymakers, to discuss promoting public-private partnerships (PPPs), providing incentives for sustainable investment, and accelerating the Program for Infrastructure Development in Africa (PIDA), which prioritizes regional connectivity, digital transformation, and resilient urban development.
Various experts and investors are expected to outline new financing strategies for infrastructure development on the African continent.
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