African infrastructure development focus of 2010 ICA meeting
Integrating economies through regional infrastructure was the focus of the 2010 Infrastructure Consortium for Africa (ICA) annual meeting.<br /><br />Chaired by Vice-President of the African Development Bank (AfDB) Bobby Pittman and Canadian International Development Agency Executive's Vice-President David Moloney, the discussions assessed infrastructure development in Africa. Topics included public-private partnership frameworks for regional infrastructure and the acceleration of implementation of regional infrastructure programmes.
A recent study of 24 African countries found national economic growth is reduced by two percentage points annually because of the poor state of infrastructure in sub-Saharan Africa. Furthermore, business productivity falls by up to 40 per cent every year. The AfDB Group reported if Africa develops the right infrastructure, it could help bolster development on the continent.
AfDB President Donald Kaberuka recently told Reuters at the World Economic Forum that ended Friday (May 7th) "African countries with access to capital markets should tap them for the development of infrastructure". This will not only help attract foreign investors to Africa, but also support the continent "to create its own world-class businesses which will, one day, compete with major multinational institutions".