ARTICLE – Second Dakar Financing Summit for Africa’s Infrastructure: 65 Billion Dollars in Investments Interests and Concrete Commitments for Sustainable Infrastructure Development on the African Continent
From February 2nd to 3rd, 2023, the second Dakar Financing Summit for Africa’s Infrastructure (DFS-2) was held in CICAD: mobilization of States and the private sector and materialization of financing opportunities for 22 projects in the transport, ICT, energy and water sectors. Africa is taking a positive turn to revive its regional and intra-African economies and regain its place in the global economy.
The second Dakar Financing Summit for Africa’s Infrastructure held at CICAD, included round tables, official speeches and meetings between public and private partners. The Summit aimed to mobilising key stakeholders around the efforts of the African Union and AUDA-NEPAD to accelerate the implementation of priority regional infrastructure projects, the Summit brought together the highest decision-makers from the public and private sectors to find practical ways to improve project preparation and align project needs with existing funding initiatives.
“We need to recognize the importance of infrastructure for Africa’s development. We cannot accelerate integration, growth, trade, development, peace and security without infrastructure,” said Nardos Bekele-Thomas, CEO of AUDA-NEPAD.
The two day high-level event was jointly hosted by the Government of Senegal and was attended by several Heads of State and Government including, H.E. Macky Sall, President of the Republic of Senegal and H.E. Paul Kagame, President of the Republic of Rwanda as well as the Prime Ministers of the Democratic and Popular Republic of Algeria, the Arab Republic of Egypt, Republic of Senegal, and more than 18 Ministers of Finance, Economic Planning, Infrastructure and Public Works. The Summit placed emphasis on infrastructure as a cornerstone of the continent’s development and called on participants to commit to concrete actions that will move the continent forward. Towards this end, the Summit allowed for the signing of partnership agreements and expressions of interest to finance the development of integrated intra-African corridors.
“It can never be said enough, infrastructure is the heart of development and the common thread of integration, because it supports economic activity and ensures the mobility that is essential to the integration process. However, in Africa, our deficit in physical and digital infrastructure remains high“, Macky Sall, President of the Republic of Senegal.
“We encourage all governments to commit at least 5% of their pension funds, sovereign wealth funds and assets to the development of these vital infrastructures for the continent’s development. The support of the private sector is equally key to mobilizing the $8 billion that will enable us to secure bankability the projects carried by PIDA PAP 2 over the next five years.” Nardos Bekele-Thomas, CEO of AUDA-NEPAD.
The outcomes of the Dakar Financing Summit are positive and encouraging, underscoring Africa’s resolve to reach the objectives set out in Agenda 2063 for world-class infrastructure that will integrate the continent.
Distributed by APO Group on behalf of African Union Development Agency-NEPAD (AUDA-NEPAD).
Read the article originally published on African Business.