Carlos Lopes outlines abundance of resource to finance Africa's development gaps
View
Download
Published
2013-01Author(s)/Corporate Author (s)
United Nations. Economic Commission for Africa.;Metadata
Show full item recordAbstract
At a high-level meeting of the NEPAD Heads of State and Government Orientation Committee (HSGOC) that took place today, the Executive Secretary of the United Nations Economic Commission for Africa (ECA), Mr. Carlos Lopes outlined some key issues to be reflected in an ongoing comprehensive study on the mobilization of domestic resources for financing Africa's development and, in particular, the implementation of NEPAD projects. The emerging ideas in the study represent the efforts underway to find solutions from within the Continent to finance gaps in infrastructure and other priorities for Africa’s transformational agenda. For instance, an Africa Infrastructure Development Fund is geared to supplement investment in national and regional infrastructure projects, particularly the implementation of the Programme for Infrastructure Development in Africa (PIDA). He also highlighted the need to tap into the thriving private equity industry, currently valued at $30 billion noting that there are up to 38 private equity funds which are invested in infrastructure in Africa, including satellites, toll roads, dams, and airports. He added the need to continue to promote the establishment of Africa-based private equity funds. The Executive Secretary also mooted the need for an African Bonds Market, saying, African bond issues are flourishing in the international bonds market, though relatively new and limited to a few countries. He highlighted Ethiopia, Kenya, Nigeria, South Africa and Zambia, where recent bond issues were oversubscribed by up to 15 times. The study will be formally presented to the African Union Summit in May 2013 at a proposed special session devoted to Domestic Resource Mobilization.