The Infrastructure Consortium for Africa (ICA)’s Infrastructure Financing Trends in Africa 2018 report has revealed that financing of infrastructure in Africa has recorded an unprecedented growth in 2018.It has reached a record high of $100.8 billion, a jump of about a quarter on 2017 and 38% more than the 2015-2017 average.
The energy sector bagged the maximum financial commitments worth $ 43.8 billion, a whopping 67% increase over the 2015-17 average. The ICT sector also attracted commitments mostly from the private sector worth $ 7.1 billion in 2018. Despite the growth in funding in the infrastructure sector, it has to go a long way to achieve the goals set in the framework of the African Union’s Agenda 2063. According to the African Development Bank (AfDB), Africa needs annually between $130 billion and $170 billion to bridge its infrastructure gap. The document underlines the importance of bankable projects to attract new and retain existing financiers to support Africa’s infrastructure financing.
