Connect with us

International

African Union to set up infrastructure fund for continent

Avatar

Published

on




Raila Odinga, former Prime Minister of Kenya and High Representative of the African Union (AU) for Infrastructure Development in Africa, speaks during an interview with Reuters in Nairobi, Kenya 18 February 2021. REUTERS / Thomas Mukoya

Emerging markets

Duncan Miriri




NAIROBI (Reuters) – The African Union is setting up a fund to fund the construction of much-needed roads, railways and power plants on the continent, its head of infrastructure said, turning to new sources of money due to donor fatigue and levels high debt.

The continent has an annual infrastructure funding deficit of $ 60 billion – $ 90 billion, the AU says, making it difficult for the body to advance its goal of integrating different individual markets into a single, free trade area. .

Africa is financially hungry over the need for infrastructure development, Raila Odinga, the AU High Representative for Infrastructure, told Reuters.

The 55-nation AU is now turning to sovereign wealth funds, insurance and pension funds in countries like South Africa, Angola, Nigeria Morocco, Egypt and Kenya, to raise money.

The funds will be invited to invest about 5% of their holdings, said Odinga, which will actually be more profitable for those institutions, rather than the funds being left empty.

Talks with the funds are ongoing and AU experts are setting up the legal and financial structure for the infrastructure fund, which will be administered by the newly formed African Union Development Agency, Odinga said.

The move addresses the past trend of dependence on wealthy donor nations and borrowing from financial markets.

China, which has been one of the largest financiers of infrastructure projects on the continent over the past decade, has cut lending due to high levels of debt among individual nations like Kenya.

Now we are trying to think outside the box, Odinga said.

The quest to find new ways to finance the construction of roads and railways and other enterprises comes as Africa seeks to bring together 1.3 billion people in a $ 3.4 trillion economic bloc known as the African Continental Free Trade Area (AfCFTA) ).

This infrastructure is urgent for the implementation of AfCFTA, otherwise it will simply remain on paper, Odinga said.

It was critical to connect landlocked nations with ports along coastlines and the full missing links to transcontinental highways, to facilitate the free movement of goods under the AfCFTA and lift people out of poverty, he said.

Africa needs to trade with itself, Odinga said, citing figures showing that intra-African trade is only 15%, compared to intra-European trade levels of 70% and 50% in Asia.

What Are The Main Benefits Of Comparing Car Insurance Quotes Online

LOS ANGELES, CA / ACCESSWIRE / June 24, 2020, / Compare-autoinsurance.Org has launched a new blog post that presents the main benefits of comparing multiple car insurance quotes. For more info and free online quotes, please visit https://compare-autoinsurance.Org/the-advantages-of-comparing-prices-with-car-insurance-quotes-online/ The modern society has numerous technological advantages. One important advantage is the speed at which information is sent and received. With the help of the internet, the shopping habits of many persons have drastically changed. The car insurance industry hasn't remained untouched by these changes. On the internet, drivers can compare insurance prices and find out which sellers have the best offers. View photos The advantages of comparing online car insurance quotes are the following: Online quotes can be obtained from anywhere and at any time. Unlike physical insurance agencies, websites don't have a specific schedule and they are available at any time. Drivers that have busy working schedules, can compare quotes from anywhere and at any time, even at midnight. Multiple choices. Almost all insurance providers, no matter if they are well-known brands or just local insurers, have an online presence. Online quotes will allow policyholders the chance to discover multiple insurance companies and check their prices. Drivers are no longer required to get quotes from just a few known insurance companies. Also, local and regional insurers can provide lower insurance rates for the same services. Accurate insurance estimates. Online quotes can only be accurate if the customers provide accurate and real info about their car models and driving history. Lying about past driving incidents can make the price estimates to be lower, but when dealing with an insurance company lying to them is useless. Usually, insurance companies will do research about a potential customer before granting him coverage. Online quotes can be sorted easily. Although drivers are recommended to not choose a policy just based on its price, drivers can easily sort quotes by insurance price. Using brokerage websites will allow drivers to get quotes from multiple insurers, thus making the comparison faster and easier. For additional info, money-saving tips, and free car insurance quotes, visit https://compare-autoinsurance.Org/ Compare-autoinsurance.Org is an online provider of life, home, health, and auto insurance quotes. This website is unique because it does not simply stick to one kind of insurance provider, but brings the clients the best deals from many different online insurance carriers. In this way, clients have access to offers from multiple carriers all in one place: this website. On this site, customers have access to quotes for insurance plans from various agencies, such as local or nationwide agencies, brand names insurance companies, etc. "Online quotes can easily help drivers obtain better car insurance deals. All they have to do is to complete an online form with accurate and real info, then compare prices", said Russell Rabichev, Marketing Director of Internet Marketing Company. CONTACT: Company Name: Internet Marketing CompanyPerson for contact Name: Gurgu CPhone Number: (818) 359-3898Email: [email protected]: https://compare-autoinsurance.Org/ SOURCE: Compare-autoinsurance.Org View source version on accesswire.Com:https://www.Accesswire.Com/595055/What-Are-The-Main-Benefits-Of-Comparing-Car-Insurance-Quotes-Online View photos



picture credit

ExBUlletin

to request, modification Contact us at Here or [email protected]