AfDB to raise $170 million to address infrastructure deficit in Africa

May 09, 2018 | Ecofin Agency

African Development Bank (AfDB) plans to mobilize $170 million to fill infrastructure deficit in Africa.

In an information relayed by Bloomberg, the institution’s Chairman Akinwumi Adesina, indicated that the resource will be used to build additional facilities. Through this project which will be implemented over years, many roads, ports, and airports meeting international standards will be constructed, bridging the infrastructure deficit which creates losses estimated at $87-112 billion per year (according to AfDB). With this strategy, the bank hopes to reduce commodities export fees and boost trade within the continent. Let’s note that out of the $170 million to be raised, $863 million has already been mobilized via the Africa50 fund. In addition, $3 billion is expected to be raised thanks to the private sector. Source: Ecofin Agency