Infrastructural boost for southern Africa
10 February 2011
A range of infrastructure projects in the Southern African Development Community (SADC) region are set to receive a financial boost from the Development Bank of Southern Africa (DBSA).
This is because a $300 million (£186 million) line of credit has been handed to the DBSA from the African Development Bank (AfDB).
The money is being earmarked for a number of developments in the energy, ICT and transport sectors.
According to the AfDB: "The project will ultimately promote broad-based economic growth, job creation, poverty reduction, regional integration and prosperity in the SADC region."
As things stand, there are 15 participant states in the SADC and they have identified infrastructure as the most important area in terms of development.
It is hoped this credit that is being offered will reduce the pressure on private and quasi-public initiatives.
The SADC promotes a regional future that will bring about economic wellbeing for all of the member states.