African countries lag behind their developing country counterparts on infrastructure, and the gaps are only widening over time. One of today’s keynote panels took a deep look at ways to close that gap.
Instead of defaulting to a call for more money, panelists talked about what’s impeding effective use of funds, both public and private, that are made available for infrastructure development on the continent.
To put the conversation into context, here are a few key stats:
- Africa needs $93 billion a year to catch up with its huge infrastructure backlog over the next decade—an amount that represents more than 35 percent of GDP for fragile states.
- Current spending on African infrastructure is higher than previously thought, at $45 billion.
- An estimated cost savings of $17 billion—the so-called “efficiency gap”—could be achieved if existing resources were used more efficiently.