AfDB, MIAF collaborate to tackle Africa’s infrastructure challenges
The African Development Bank (AfDB) first VP and COO Emmanuel Mbi, and Made in Africa Foundation (MIAF) CEO Chris Cleverly have signed a key memorandum of understanding (MoU) to tackle Africa’s infrastructure deficit and unlock its economic potential.
The organisations recognised that dealing with the continent’s severe infrastructure backlog would increase its economic efficiencies and competitiveness, while accelerating its integration into the global economy to improve the living standards of all its citizens.
In this regard, the AfDB and MIAF agreed to further their cooperative relationship to foster the marketing, funding and development of public and private sector initiatives towards infrastructure projects and ensure the sustainable and permanent growth of Africa's economy.
"As African countries expand, they are confronted with the limited availability of energy, high transport costs and limited connectivity.
"Sound infrastructure helps to drive structural transformation because it reduces the cost of doing business and enables markets to function. That is why the AfDB puts so much emphasis on infrastructure,” AfDB president Donald Kaberuka said.
MIAF cofounder Ozwald Boateng emphasised the need to close Africa's infrastructure gap and permanently alter the path of its development.
"This is Africa's century to build pathways of excellence across borders and among people," he affirmed, stressing that "the tools are at our disposal and there is no time for delay."
Fellow MIAF cofounder Kola Aluko added, "When 13 countries on the continent still lack a functioning railway system and 40% of our population doesn’t have adequate access to electricity, there is need to cooperate with our premier financial development institution."
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