Africa to set up business network
18 May 2015
Global and African chief executive officers will launch an exclusive continental
business network for Africa's regional infrastructure development on 1 June, on the
sidelines of the World Economic Forum (WEF) on Africa.
WEF on Africa takes place in Cape Town from 3 to 5 June.
Infrastructure is Africa's top priority, according to the New Partnership for Africa's
Development (Nepad), one of the drivers of the Continental Business Network. With
low levels of intra-regional economic exchange and the smallest share of global
trade, Africa is the least integrated continent in the world.
Nepad says infrastructure inefficiencies are costing Africa billions of dollars annually
and are stunting growth. Bridging the gap in infrastructure is thus vital for economic
advancement and sustainable development. However, this can only be achieved
through regional and continental co-operation and solution finding.
The Programme for
Infrastructure Development in Africa (Pida), sponsored by the
African Union Commission, Nepad Agency, African Development Bank, United
Nations Economic Commission for Africa and regional economic communities, is
Africa's solution. It will work through building mutually beneficial infrastructure and
strengthening the ability of countries to trade and establish regional value chains for
increased competitiveness.
In June 2014, under the leadership of Senegalese President Macky Sall, the
chairman of the Nepad Heads of State and Government Orientation Committee, the
Dakar Financing Summit for Africa's Infrastructure delivered a robust and upbeat
declaration, the Dakar Agenda for Action. It unpacks how the continent's public
sector will partner with the private sector and development players to ensure
financing and investment for 16 key Pida regional infrastructure projects.
The Dakar Agenda for Action outlines concrete actions and measures towards
financing for Africa's infrastructure development.
The private sector and African policy makers also recognised that the lack of
capacity and funds in project preparation combined with a weak involvement of the
private sector were the main issues causing bottlenecks to Pida implementation.
As an outcome of the Dakar summit, the Nepad Agency and the Pida stakeholders
have taken the lead in addressing these challenges by launching the Continental
Business Network.
The network is an exclusive infrastructure investment advisory platform for African
leaders, providing thought leadership and engagement on a range of strategic
issues such as policy, investment risk ratings, project structuring and specifically
the existing constraints to the implementation of Pida projects.
The network will comprise leading African and global business and finance bodies as
well as regional and international organisations.
Source: Nepad
Africa's growth is fuelled by strong investments in infrastructure. (Photo: Jaques Fernandes, AfDB)
