AfDB to create large fund for African infrastructure investment


The African Development Bank (AfDB) is negotiating with its members to create a huge fund to finance infrastructure in Africa, an official of the Bank told Reuters.

The Bank estimates the need of the African continent at $100 billion every year for the current decade.

The bank’s annual assembly, held in Marrakesh, will decide of the size of the funds on Thursday.

The AfDB is financing around $8 billion, including $5 billion for the infrastructure projects in Africa, the adviser of the President of The AfDB, Youssef Ouedraogo said on the margin of the bank’s annual assembly, Reuters reports.
“There are many wealthy sovereign funds in Africa and among our members, so we will try to negotiate some interesting loans” he said.

The bank would get funds from Libya, which will become an active member, Algeria, Equatorial Guinea and Botswana.

Africa’s economy is projected to grow by 4.8% in 2013 and accelerate further to 5.3% in 2014, the AfDB said in a report released on Monday. (Reporting By Aziz El Yaakoubi; editing by Ron Askew)