• Contact
  • Privacy Policy
Blacksonrise.com
DONATE
  • Home
    • Caribbean
    • African American
    • African
  • Consultation
  • Herbs
  • Ecourses
  • Login
    • LogOut
No Result
View All Result
  • Home
    • Caribbean
    • African American
    • African
  • Consultation
  • Herbs
  • Ecourses
  • Login
    • LogOut
No Result
View All Result
Blacksonrise.com
No Result
View All Result

Africa: AfDB President Wants Africa to Invest U.S.$1.8 Trillion on Infrastructure

blacksonrise by blacksonrise
January 3, 2020
in African News
0
Tanzania: NBC, Sanlam Partner in New Insurance Scheme
0
SHARES
7
VIEWS
Share on FacebookShare on Twitter

Africa’s $1.8trillion pension and sovereign wealth assets should be used to develop infrastructure in the continent, the President of the African Development Bank (AfDB), Dr Akinwunmi Adesina, has said.

Dr Adesina, who spoke with State House correspondents yesterday at the Presidential Villa, Abuja, after a meeting with Muhammadu Buhari, added that such investment would bridge the current infrastructure gap.

He said: “Today, Africa has an infrastructure gap of about roughly $68bn to $108bn infrastructure financing gap. At the AfDB, we have been working so hard to close that particular gap.

“When it comes to the issue of attracting capital to do that, there are three things that I will say; first, we have to also look at home. Today, in Africa, the size of the sovereign wealth fund and pension fund and insurance pull of fund (mutual funds) is about $1.8tn.

“If we can just tap a little part of that, we will close very quickly the infrastructure gap that we are talking about. But, you see a lot of sovereign investment funds being invested in other sovereigns outside the continent.

“So, they become the sovereign wealth of others and then you go back and borrow back your own money; it doesn’t really make a lot of sense. I say that charity always begins at home.”

Dr Adesina, who said the AfDB stakeholders had strengthened the bank with $115bn to further support the development of the continent, described the proposed single currency for the Economic Community of West Africa sub-region, the Eco, as a good development.

Advertisements

He said a unified currency for the sub-region would place the West African countries on a higher pedestal to compete with the rest of Africa in view of the African Continental Free Trade Area Agreement (AfCFTA).

“At the end of the day, the biggest thing to happen to Africa is the AfCFTA. That free trade area itself is worth over $3.3tn in terms of trade. Obviously, it’s not optimum to trade in so many currencies.

“So, it makes common sense to have a unified currency and of course for that to even be achieved, the Eco; I support Eco greatly. I think it’s a great idea to do.

“But, obviously, there are a number of convergence criteria that will have to be met and I am sure that our President is talking with other presidents to be sure that they can meet those criteria and the region can be fully integrated,” he said.

Credit: Source link

Previous Post

West Africa: Eco a Great Idea - AfDB President

Next Post

Tanzania: Cashew Nuts Have Fetched Sh507bn, Says Minister

Next Post
Tanzania: NBC, Sanlam Partner in New Insurance Scheme

Tanzania: Cashew Nuts Have Fetched Sh507bn, Says Minister

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

ADVERTISEMENT

HOT Updates

(BPRW) Citizens for a Pro-Business Delaware Joins Pastor Hackett’s Protest for Diversity on Chancery Court | Press releases
African American News

(BPRW) Citizens for a Pro-Business Delaware Joins Pastor Hackett’s Protest for Diversity on Chancery Court | Press releases

April 15, 2021
Africa: Opening Ceremony of the High-Level Virtual Conference On Expanding Africa’s Vaccine Manufacturing for Health Security
African News

Africa: Opening Ceremony of the High-Level Virtual Conference On Expanding Africa’s Vaccine Manufacturing for Health Security

April 14, 2021
Chad’s Deby takes early election lead, partial results show – SABC News
African News

Chad’s Deby takes early election lead, partial results show – SABC News

April 18, 2021
Uncategorized

Limpopo Tourism decries downgrade of Polokwane Airport – SABC News

April 13, 2021
Louis, Williams condemn police killing of Daunte Wright
Caribbean News

Louis, Williams condemn police killing of Daunte Wright

April 14, 2021
‘Our hearts are heavy’ over shooting of Daunte Wright :: WRAL.com
African American News

‘Our hearts are heavy’ over shooting of Daunte Wright :: WRAL.com

April 13, 2021
Uncategorized

Speaker donates 200 bags of rice, 100 packs of sugar to Ghana Federation of Disabled

April 17, 2021
Uncategorized

Energy department cautions against closure of oil refineries – SABC News

April 15, 2021
San Francisco Human Rights Commission Issues Grants from City Reallocation Fund
African American News

San Francisco Human Rights Commission Issues Grants from City Reallocation Fund

April 17, 2021
Caribbean Life: Queens Edition: April 16, 2021
Caribbean News

Caribbean Life: Queens Edition: April 16, 2021

April 16, 2021
Eastern Caribbean blazes a trail as first currency union to launch central bank digital cash
Caribbean News

Eastern Caribbean blazes a trail as first currency union to launch central bank digital cash

April 12, 2021
James leads multistate lawsuit to end Facebook’s monopoly
Caribbean News

James applauds Biden’s efforts to end Title X ‘gag rule’

April 17, 2021
Why Spend Gh¢5million to construct Ghana Awards House whilst hospitals, schools continue to suffer? — Govt quizzed
African News

Why Spend Gh¢5million to construct Ghana Awards House whilst hospitals, schools continue to suffer? — Govt quizzed

April 15, 2021

BlackSonRise.com is an online news portal which aims to provide Caribbean News, African News, Business and much more stuff like that. Feel free to get in touch with us!

Follow us on social media:

Recent News

  • Chad’s Deby takes early election lead, partial results show – SABC News
  • San Francisco Human Rights Commission Issues Grants from City Reallocation Fund
  • Speaker donates 200 bags of rice, 100 packs of sugar to Ghana Federation of Disabled

Subscribe NOW

Loading
  • Contact
  • Privacy Policy

© 2019 Blacksonrise.com is an online news, e-learning, and business website that caters to the global black community.

No Result
View All Result
  • Home
    • Caribbean
    • African American
    • African
  • Consultation
  • Herbs
  • Ecourses
  • Login
    • LogOut

© 2019 Blacksonrise.com is an online news, e-learning, and business website that caters to the global black community.

USD $
  • USD USD $
  • EUR EUR €
  • GBP GBP £