• Home
  • Radio
  • TV
  • Advertisement
  • Disclaimer
  • Public Notice
    • Opinion
  • New Africa Business News
  • Contact
  • Log In
facebook
    • News
    • Business
    • Video
    • Entertainment
    • Sport
    • Jobs
    • Government
    • Immigrants
    • Investment
    • Gallery
      • Animal
      • Africa Map
    • NGO
    BREAKING NEWS
    A twin Currency Trade Finance Line of Credit of $50 Million and €50 Million has been validated by the Board of Directors of the African Development Bank Group and the ECOWAS Bank for Investment and Development
    $100 Billion in Investment is needle for the Modernization and Harmonization of Regulatory Framework to boost Africa’s established Broadband Coverage by 2030
    Nigeria Launches National Domestic Payments Card Program
    In Guinea-Bissau, ECOWAS Parliament held a 3 Day Seminar on the Adoption of a Single Currency for Member African States
    $30 Billion has been pledged by the African Development Bank and Development Partners to Finance Food and Farming in the Next Five Years
    $7.9 Billion in Exports glid in 2021 from the East African Community (EAC) Bloc to Africa amidst the Novel Corona Virus (COVID -19) Consequence
    President William Ruto of Kenya has Urged fellow African Rulers to address on Agribusiness beyond Production to Value Addition and Manufacturing
    Africa’s Economic Growth to Outpace Global Forecast in 2023-2024, AfDB Report
    Growers in Uganda to succeed from Nigeria’s AFEX’s Tech-Enable Products having expanding its Products Exchange Business in Nigeria’s AFEX from Kenya
    Nigeria Sets Quality Control and Assurance Laboratory for the Oil and Gas Industry

    Over US$170 Billion Needed to Finance Africa Sustainable Infrastructural Development- Report

    Posted On 08 Dec 2022
    By : New Africa Business News, Staff Correspondent
    Comments: 10

    By Richard Adorsu-

    Photo Credit: African Development Bank

    NEW AFRICA BUSINESS NEWS (NABN) Accra GHANA- Africa needs to mobilise a staggering US$170 billion annually in long term financing to develop infrastructure key sectors, agriculture included to accelerate growth dwarfed by the COVID 19, conflicts and climate change.

    Faced with an overarching ‘debt overhang’ buffeting many of the continent’s 54-member states, the African Development Bank is dangling two options; float Green Bonds on security markets or entice cooperating partners to secure finance and close the continent’s current annual US$108 billion infrastructure financing deficit to close the gap.

    The AfDB in noting Africa’s infrastructure predicament amid the crisis that linger over the continent with lust to integrate and industrialise and make it competitive in intra and international trade practices has two immediate options to use capital market instruments or draw donors to the table.

    Africa’s predicament has further been heighted by geopolitical influence and “a debt overhang” that hinder the attainment of the much-espoused sustainable development in all growth sectors including agriculture, SMEs, among others, hence the need to stimulate financing options.

    Officiating at the three-day- 2022 African Long Term Finance Workshop dubbed: “Financing Africa Sustainable Development in Times of Global Headwinds” in Lusaka, AfDB’s country Manager-Zambia, Raubil Olaniyi Durowoju believes the funds can be mobilized to create ‘resilient infrastructure’ and enhance sustainable growth in key sectors in its 37-member states.

    In 2019, the Pan African financial institution had in collaboration with Germany Cooperation (GIZ) GmbH, Financial Sector Deepening Africa (FSD) Africa and the Making Finance Work for Africa (MFW4A) sought to improve intermediation of LTF on the continent by strengthening knowledge generation and dissemination through the creation of a database and scored board to act as comparative indicators of the level of development for the fund.

    The diagnostic efforts so far undertaken in three countries, Cote d’Ivoire, Ghana and Ethiopia as part of the market data intelligence, has however not been sustained for various administrative reasons although there is still zeal by the AfDB to sustain the research to determine the countries’ capabilities.

    However, the willingness of Central Bank across the member states to assist in data collection have raised hope to supplement AfDB’s efforts to attain the objectives of the LTF initiative and help capture an accurate hope to improve data collection picture on the continent, raising a ray of hope for the attainment of LTF.

    Mr. Durowoju calls for the unlocking of the potential endowed in 37-member states to access LTF through the creation of credible databases through enhanced policy reform while striving to make the database creation as LTF ‘one -stop-shop as priority for the realization of the long-cherished dream.

    We the AfDB hope to improve data collection on the continent and strengthen the quality of available data, ultimately, we hope to encourage more dialogue between policymakers, governments and financial stakeholders to create a synergy that will provide solutions to our financing deficit and support African financial sectors and economies.

    Zambia’s Central Bank Governor, Denny Kalyalya expressed the country’s unwavering desire to complement the data collection as sought by the AfDB and that the success of the LTF was vital for Africa’s quest to raise resources for infrastructure development to become resistant to climate crisis.

    Dr. Kalyalya acknowledges the theme adopted at the Lusaka-three-day conference, propping a drive for LTF that has been endorsed by the Breton Woods institution-IMF for Africa to raise a staggering US$30-50 billion in additional funds per year for climate change adaptation through among other instruments, the Green Bonds, an alternative to debt accruals as it seeks to invest in infrastructure.

    He acknowledges the risks associated with the climate change effects which has prompted policy makers to pay attention to the devastations and are actively taking steps to counter the effects.

    The lingering effects of COVID 19 pandemic on world economies further serves to emphasis the unwavering need to raise LTF.

    The heightening geopolitical unrest as evidenced in the Russia-Ukraine war and recent inflationary pressures have heightened economic uncertainty globally, de facto, limiting fiscal space on the continent.

    The Lusaka-based Bank of Zambia realizes the need to partner in the data collection and compilation and foster the generation and disbursement of the would-be funds for the intended purposes, though regrets the slow pace at which the diagnostic process was undertaken-covering a paltry three countries, hopeful the exercise would be revisited and expedited to allow Africa raise LTF.

    “The Bank of Zambia is pleased to take part in the significant project and I can confirm that the BOZ has completed all necessary steps to submit the requested data for 2022,” he said in a speech read on his behalf by Ms. Gladys Mposha, the director, Bank supervision.

     

    For New Africa Business News Richard Adorsu Reports,  Africa Correspondent

    About the Author
    New Africa Business News Staff Correspondent
    • google-share
    Previous Story

    Of N4.2 Million being slated by the National Employment Directorate of Nigeria as Loan to 42 Unemployed Youths in Adamawa State to enhance Agricultural Production

    Next Story

    $109 Million Kunzvi Dam Construction to the North Eastern of Harare Crumples Tempo as the 2nd Republic Resuscitate Protracted Forgotten Dam Project

    10 Comments

    1. Franky December 8, 2022 at 5:35 am Reply

      US$108 billion infrastructure financing deficit to close the gap annually. Close this annual gap. Luanda in Angola. Franky

      • New Africa Business News, Staff Correspondent December 8, 2022 at 5:57 am Reply

        Thanks for reading, Africa’s fastest growing online newspaper. Please forward http://www.newafricabusinessnews.com

    2. Lindy December 8, 2022 at 5:39 am Reply

      Journalist Richard thank you for this educative report. Fan of New Africa business news. Cape town, SOUTH AFRICA. Lindy

      • New Africa Business News, Staff Correspondent December 8, 2022 at 5:57 am Reply

        Thanks for reading, Africa’s fastest growing online newspaper. Please forward http://www.newafricabusinessnews.com

    3. Hildah December 8, 2022 at 5:43 am Reply

      I like the creation of credible databases through enhanced policy reform while striving to make the database creation as LTF one stop shop as priority for the realization of the long-cherished dream. Africa is happening. Lusaka in Zambia. Hildah

      • New Africa Business News, Staff Correspondent December 8, 2022 at 5:56 am Reply

        Thanks for reading, Africa’s fastest growing online newspaper. Please forward http://www.newafricabusinessnews.com

    4. Angela December 8, 2022 at 5:48 am Reply

      Thank you for the weekly newsletters, my wife also love them. Please continue the excellent work you all doing. Nairobi in Kenya. Angela

      • New Africa Business News, Staff Correspondent December 8, 2022 at 5:56 am Reply

        Thanks for reading, Africa’s fastest growing online newspaper. Please forward http://www.newafricabusinessnews.com

    5. Jacky December 8, 2022 at 5:54 am Reply

      Love reading your daily reports. Thank you for covering our great Continent. Our news, our newspapers, price less. Make it great. Love Mama Afrika. Hong Hong, China. Jacky

      • New Africa Business News, Staff Correspondent December 8, 2022 at 5:55 am Reply

        Thanks for reading, Africa’s fastest growing online newspaper. Please forward http://www.newafricabusinessnews.com

    Leave a Reply Cancel reply

    *
    *

    Members Area

    • Members Log In

    RECENT

    POPULAR

    COMMENTS

    A twin Currency Trade Finance Line of Credit of $50 Million and €50 Million has been validated by the Board of Directors of the African Development Bank Group and the ECOWAS Bank for Investment and Development

    Posted On 06 Feb 2023

    $100 Billion in Investment is needle for the Modernization and Harmonization of Regulatory Framework to boost Africa's established Broadband Coverage by 2030

    Posted On 03 Feb 2023

    Nigeria Launches National Domestic Payments Card Program

    Posted On 02 Feb 2023

    New Africa Business News 2022-2023 Person of The Year Goes to Professor Patrick Loch Otieno Lumumba (PLO Lumumba)

    Posted On 05 Jan 2023

    New Africa Business News, Person of the Year 2021-2022, Goes to African Women

    Posted On 29 Jan 2022

    New Africa Business News Award Medalist of Excellence as Africa's President of the Year 2020-2021 meets the Heads of his Ancestors on March 17th, 2021 Samia Suluhu Hassan divulged

    Posted On 20 Mar 2021

    Thanks for reading, Africa’s fastest...

    Posted On 21 Jan 2023

    Thanks for reading, Africa’s fastest...

    Posted On 21 Jan 2023

    Thanks for reading, Africa’s fastest...

    Posted On 21 Jan 2023

    Facebook

    Latest Posts

    A twin Currency Trade Finance Line of Credit of $50 Million and €50 Million has been validated by the Board of Directors of the African Development Bank Group and the ECOWAS Bank for Investment and Development

    $100 Billion in Investment is needle for the Modernization and Harmonization of Regulatory Framework to boost Africa's established Broadband Coverage by 2030

    Nigeria Launches National Domestic Payments Card Program

    Recent Posts

    • A twin Currency Trade Finance Line of Credit of $50 Million and €50 Million has been validated by the Board of Directors of the African Development Bank Group and the ECOWAS Bank for Investment and Development
    • $100 Billion in Investment is needle for the Modernization and Harmonization of Regulatory Framework to boost Africa’s established Broadband Coverage by 2030
    • Nigeria Launches National Domestic Payments Card Program
    • In Guinea-Bissau, ECOWAS Parliament held a 3 Day Seminar on the Adoption of a Single Currency for Member African States
    • $30 Billion has been pledged by the African Development Bank and Development Partners to Finance Food and Farming in the Next Five Years

    Categories

    • Business
    • Education
    • Entertainment
    • Featured
    • Government
    • Immigrants
    • Investment
    • News
    • NGO
    • Obituary
    • Opinion
    • Public Notice
    • Sport
    • Video

    Tag Cloud

    african economy business africa

    Contact Form

    1. Name *
      * Please enter your name
    2. Email *
      * Please enter a valid email address
    3. Message *
      * Please enter message
    Copyright 2019 New Africa Business News, Inc. A Global International Company, Inc. All Rights Reserved.