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African infrastructure fund 'could reach $50 billion'
May 30, 2013 / 6:43 PM / 4 years ago

African infrastructure fund 'could reach $50 billion'

Mthuli Ncube, chief economist and vice president of the African Development Bank, speaks during a session of the World Economic Forum Africa meeting in Cape Town May 9, 2013. REUTERS/Mike Hutchings

MARRAKESH, Morocco (Reuters) - The African Development Bank (AfDB) said on Thursday the fund it hopes to create to finance infrastructure investment on the continent could be as big as $50 billion.

“The Bank has explained its plan to build the continent’s infrastructures and we estimate the potential to $50 billion,” chief economist and vice-president of the bank Mthuli Ncube told Reuters, on the margin of the bank’s annual assembly in Marrakesh this week.

“The governors have been keen and are considering how to accelerate the process, but there is no calendar for the project.”

The Bank estimates the continent needs $100 billion a year spent on infrastructure this decade.

It hopes to draw in investment to its fund from sovereign wealth funds, pension funds and the African diaspora.

Africa’s economy is projected to grow by 4.8 percent in 2013 and 5.3 percent in 2014, the AfDB said in a report released on Monday.

Reporting by Aziz El Yaakoubi; editing by Andrew Roche

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