World's largest development banks announce Africa transport investment

24 June 2012

Eight of the world's largest development banks have reaffirmed their commitment to investing $175 billion (£110.96 billion) over the next decade in African transport systems and elsewhere, Reuters reports.

The banks announced their plans at the recent UN Sustainable Development Conference in Rio de Janeiro as they look to improve transportation across the world's most heavily-populated cities.

According to their calculations, Africa requires investment of around $18.3 billion every year between now and 2020 to help improve transport.

Cornie Huizenga, an organiser of Partnership on Sustainable Low Carbon Transport's Rio+20 campaign, told the news provider that investment is crucial.

"The breakthrough that we are witnessing allows us to plan for the one billion people who will move to cities over the next 20 years and the one billion people still living in poverty," he added.

It comes days after the Passenger Rail Agency of South Africa announced that it is to invest millions of pounds in the country's metrorail.