The UK has launched a new plan to enhance investment in infrastructure sector in Africa in a bid open up overseas markets to British trade and companies in a post-Brexit era. Britain’s new international development secretary Alok Sharma announced a slew of plans for a new commission to mobilize private sector investment for bankable infrastructure projects in developing countries in his recent visit to Ethiopia.
Sharma allocated £10m of infrastructure investments to Ethiopia for clean energy and sustainable infrastructure projects in Ethiopian cities. Britain will deploy a team of experts with experience in infrastructure development in Africa to gather information as to how to help mitigate the risks of infrastructure projects and make such ventures more attractive to foreign investors. Importantly, African economies on the continent currently face a £140 billion annual infrastructure gap. Britain approved £228 m in foreign aid to Ethiopia in the 2019-2020 budget. Ethiopia’s import and export volumes are expected to at least double over the next 10 years. An additional £30 million in funding to provide training and mentoring to up to 10,000 budding female entrepreneurs and business women across Africa to hone their business management skills in marketing, financial and business planning is also been set apart.
