Ousmane: $39bn shortfall in needed infrastructure investment

8 October 2009

Africa needs an estimated $39 billion (£24.3 billion) more than it is currently receiving to develop roads and other crucial infrastructure, authorities from the African Central Bank have said.

Led by chairman Kane Ousmane - who also heads the Central Bank of Mauritania - the leaders presented a proposal to create a special multi-donor fund to address this shortfall, Kenya's Daily Nation reported.

Money from Africa's traditional overseas development partners had ceased to suffice and alternatives needed to be actively sought, Mr Ousmane asserted.

Speaking to International Monetary Fund and World Bank authorities at the annual Bretton Woods meeting in Istanbul this week, he pointed out that other areas in need of increased funding include ICT and water.

The news comes amid the announcement that Kenya is seeking a solution from the private sector to its problems with water supply shortages.

Business Daily said a deal could make costs increase and keep those in lower-income brackets from being able to access this utility.

Category: General