A new dawn for Africa’s Infrastructure projects

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The New Partnership for Africa’s Development has done extensive work since its formation in 2001 to identify the infrastructure projects which will boost regional trade and support Africa’s economic development. Initially, over 100 projects were promulgated by different African nation states and by 2011, PIDA had completed its study and synthesised key priority infrastructure projects. These projects met the criteria of supporting regional trade and creating trade corridors between different African nations.

Lynette Chen, the CEO of the NEPAD Business Foundation (NBF) believes the time is now ripe for these infrastructure projects to get under way. “Heads of State and governments are showing greater interest in developing the infrastructure required to unlock Africa’s potential and, with the finalisation of PIDA (Programme for Infrastructure Development in Africa), a new dawn of growth is upon us all,” says Chen.

Press release: Convergence of regional infrastructure plans bodes well for businesses expanding in Africa

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The world is looking to Africa as its next investment and growth frontier, but in order to secure growth, Africa needs infrastructure that can support business development across the continent. If regional integration in infrastructure projects is not prioritised, Africa will lose out at this critical time that the world is looking for alternative investment destinations.

It’s no secret that Africa’s lack of infrastructure has hamstrung its economic competitiveness. According to the World Bank, the cost of addressing Africa’s infrastructure needs is around $93billion a year. In its synthesis study, the Programme for Infrastructure Development in Africa (PIDA), a joint initiative between the African Union Commission, the New Partnership for Africa’s Development Planning and Coordination Agency, and the African Development Bank, states: “Deficient infrastructure in today’s Africa has been found to sap growth by as much as 2% a year (Calder 2008). This is a continental problem that requires a continental solution.”

The NEPAD Business Foundation Congratulates G8 on the New Alliance for Food and Nutrition Security Initiative

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One of the key accomplishments coming out of the 2012 G8 conference held at Camp David last week was the establishment of the New Alliance for Food and Nutrition Security Initiative. In announcing the initiative, US President Barack Obama pledged to invest over US$3 billion in Africa’s agricultural sector. The commitment, to be driven in conjunction with the World Economic Forum, is aimed at improving private-sector investment in Agriculture and lifting tens of millions of Africans out of poverty.

The NEPAD Business Foundation (NBF) is excited at this new development. Since 2005, the NBF has sought to promote sustainable economic development in Africa by leveraging its relationships with local and international private sector. The NBF has worked extensively with its partners in the agricultural space. Current NBF agriculture projects seek to link smallholder farmers with large commercial farmers, retailers and other private institutions along the agricultural value chain. In addition, the organisation seeks to provide smallholder farmers with the latest research and the right tools and skills to improve their lives and to successfully contribute to the growth and development of the sector.