World Bank Calls for Major Increase in Funding For Infrastructure Investment in Africa

A new report by the World Bank says $93 billion a year is needed over the next decade to bolster infrastructure in Africa. The analysis of roads, ports, power and water utilities, information- and communication-technology networks, and airports in 24 African countries found nearly $45 billion a year currently is being spent on infrastructure in Africa. Most of that is being financed by African taxpayers and consumers. However, inefficiencies in the continent’s infrastructure systems is causing money to be wasted. The study concludes that addressing inefficiencies and waste in Africa’s infrastructure systems could yield an additional $17 billion in available resources. But even if major inefficiencies are addressed, a $31-billion annual funding gap remains, much of it for power and water infrastructure, the report found. “Many of the countries in Africa will probably take longer than a decade to catch up on infrastructure and will probably have to use lower-cost technologies,” the study concludes.