ECA chief puts the importance of scaling up Africa’s infrastructure development on the need for more bankable projects
Addis Ababa, 12 March 2015 (ECA) - Africa needs to create bankable infrastructure projects, stressed the Executive Secretary of the Economic Commission for Africa (ECA) in his keynote address at the Financial Times – Africa Infrastructure Summit that took place on 10 March 2015 in London.
“Ambitions for infrastructural and economic development in Africa are not new, but today’s improved regulatory environment and political will make those yesteryear dreams of connecting Cairo to Cape Town or Lagos to Algiers a reality,” stated Mr. Carlos Lopes, adding that Africa scores high compared to any other region in terms of improving economic regulations.
Addressing more than 250 key players in African infrastructure financing and development, he provided an overview of the challenges and more importantly the opportunities that colour Africa’s infrastructure landscape and underscored that investment in infrastructure helps the manufacturing and agricultural sectors in achieving sustainable growth.
“The emphasis is no longer on the lack of finance; rather it’s about enabling policy to unleash bankable infrastructure projects to further Africa’s economic growth,” He said.
While in London, the Executive Secretary also delivered a lecture on “Africa’s new agenda for economic Transformation” to a full audience at London’s Chatham House, the Royal Institute of International Affairs - an independent policy institute based in London. A key message was that Africa is in the process of making the right choices for itself. “It is clear there is one direction and one choice: Africans should use favourable winds to deal with transformation through industrialization. It is crucial that we correct the stereotypical perceptions that continue to cast a shadow over Africa’s progress,” he stated.
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