Africa needs $360 billion in infrastructure development over the next 30 years, Donald Kaberuka of the African Development Bank recently revealed. According to him, private capital mobilized through infrastructure bonds can provide the continent with the financing it needs for economic transformation, a trend already occurring in African countries such as Kenya, Ghana, Nigeria and Zambia.
“Infrastructure bonds have become important for the mobilization of infrastructure financing and the development of domestic capital markets,” he said.
He is hopeful that oil discoveries in countries like Sudan, Uganda and Kenya as well as the discovery of gas in Tanzania and Mozambique will help transform the continent.
Meanwhile countries like South Africa have embarked on ambitious infrastructure building projects to usher in development. South Africa’s President Jacob Zuma recently unveiled a plan to spend $97 billion on infrastructure over the next three years.