AfDB moots infrastructure bond for Africa

such as rail, roads and power plants.
Bank president Donald Kaberuka made the proposal at the 32nd Sadc Heads of State and Government Summit in the Mozambican capital, Maputo.
“I understand the need for security, but the proposal we are putting to you is that instead of investing this money in other instruments, let us take a small amount of it and invest it in what we can call Africa infrastructure bond,” he said.
It remains to be seen whether the proposal will receive a nod from the regional leaders.
The summit was held under the theme, “Development Corridors: Vehicles for Sadc Regional Integration.”
According to Kaberuka, Africa’s reserves amounted to US$497 billion, the largest chunk invested externally.
“The time has come for us to look at our own internal capabilities and mobilise our own resources. That is a good investment for our countries, instead of having our own investments developing other countries,” he said.
The AfDB boss said Africa had relied on aid for infrastructure development for a long time, hence the need to look at the continent’s own capabilities.
“Our resources will be used to develop Africa’s own infrastructure,” he said. Addressing the same meeting, African Union Commission chair Nkosazana Dlamini-Zuma concurred with Kaberuka, saying infrastructure will boost intra-Africa trade.
She also said it was high time Africa stopped depending on donor aid.
“Coming from our founding fathers we are encouraged to cultivate self-reliance. We cannot survive on donor funding,” said Dlamini-Zuma. — New Ziana.