By Africa.com | Created at 2024-10-30 07:39:36 | Updated at 2024-10-30 11:23:58
3 hours ago
Infrastructure development is critical to Africa’s economic and social progress, yet the continent faces a significant funding gap. The African Development Bank (AfDB) estimates that Africa requires up to $170 billion annually for infrastructure, with a shortfall reaching $100 billion each year. Current investment in Sub-Saharan Africa is only about 3.5% of GDP, well below the 7.1% needed to meet sustainable development goals. Despite these challenges, African countries have made notable strides in energy, transport, and technology. Strategic partnerships among governments, private investors, and institutions like the AfDB and World Bank, along with China’s involvement, are driving progress. Sustainable and inclusive growth, with an emphasis on renewable energy, is becoming a priority. Morocco, Egypt, and Mauritius lead the top 10 African countries with the most improved infrastructure, followed by Algeria, Seychelles, Tunisia, Libya, Kenya, Botswana, and South Africa.
SOURCE: BUSINESS INSIDER
