Private sector investment 'is essential' to Africa

11 February 2010

Private sector investment is crucial in the expansion of Africa's infrastructure.

This is according to the chief executive officer of CDC Group Richard Laing, who was speaking in Ghana at the Africa Investment Forum.

He explained just how much money is needed for Africa's infrastructure to expand, Ghana Business News reports.

"When you realise the current spend is less than half that at around US$45 billion [£28.7 billion] a year, you realise just how much scope there is for private sector investment and expertise," he explained.

Governments in Africa should therefore strive to create atmospheres that are conducive to such investment, it was noted.

Some $46 billion (£29 billion) is required to meet the country's power needs alone, Mr Laing added.

According to CDC, Mr Laing joined the group in 2000 and has previously worked in agribusiness in developing countries.

The company explains that it is invested in more than 700 companies across 74 countries.

Category: General