Related NewsFinance Corporation,– an accomplished Infrastructure development finance specialist with over 29 years of professional experience – after the Afreximbank meetings in Moscow, where the talk centered on improving infrastructure on the continent and how crucial projects will be financed.
In general over the past six to seven years, Africa as a whole has invested about U.S. $77 billion. That leaves a funding gap… some people say we need U.S.$100 billion, some say it’s U.S. $70 billion, but I look at the higher number because you have to maintain what exists – because if we don’t maintain it, it deteriorates and it adds to the gap.
In transport and logistics we have invested in toll roads in South Africa. We have invested in transport and logistics platforms in Gabon where we have a general cargo port, a container port and an airport and industrial park and several other associated investments.
There has been some discussion around how much debt some African countries have accumulated to improve their infrastructure – would you say they don’t need to go in to public debt for that? There are several toll roads in Africa where the initial estimate indicated much lower traffic than the actual traffic when that infrastructure was built, so in those instances there is no need for the country to incur public debt. Experience tells us that once the assets are in place, there’ll be no need for you to make up the shortfall.
That will help in reducing carbon emissions on the globe because if we do processing on the continent then that amount of additional energy will not need to be found in Europe and Asia. This continent is still the lowest consumer of energy – we are still the lowest industrialized continent and our output is just above 2 percent. We need to increase that. You can increase that by beneficiating material on the continent.
Unfortunately some investors are still held back by fear of opportunities in Africa being too risky. What do you say to that?
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