Accelerating and Scaling Priority Infrastructure Development in Africa
US-Africa relations are back in the spotlight, and investment is the word of the hour. Crafting mutually beneficial relations will depend on developing a credible pipeline of bankable and sustainable projects on the African continent. The launch of the US Strategy Toward Sub-Saharan Africa and the US-Africa Leaders Summit in 2022 have set the stage for 2023 to be a year of action on infrastructure development. This comes at a critical time for Africa.
The last two decades of engagement have seen marked and welcomed shifts from aid to trade and now to investment. By 2050, a quarter of the world’s population will be African, making the continent an increasingly important global player in shaping the world’s future. The 2022 summit’s agenda included critical issues such as inclusive economic growth, job creation, climate change, and scaling infrastructure development that addresses all three imperatives.
But how can Africa and the US leverage their respective resources to create the scale that Africa needs?
The US government has a suite of tools and services to support African infrastructure projects and facilitate investments, and the US private sector has cutting-edge expertise in high-priority sectors including clean energy, health care, and digital infrastructure. Meanwhile, Africa’s financial institutions understand local markets and have the on-the-ground knowledge to identify suitable project developers and fast-track execution. How these resources are coordinated will shape the success of this Africa-US infrastructure partnership.
SOURCE: AFRICAN BUSINESS