Africa needs $93 billion to maintain economic growth, AFDB says

Friday, June 11, 2010

Africa will need investments of at least $93 billion in power plants and roads during the next decade to sustain economic growth, said Nkosana Moyo, chief operating officer at the African Development Bank.

"If any economic activity is going to take place, clearly our infrastructure deficit must be closed," Moyo said in an interview yesterday at the Conference of Montreal. "We need a lot of money, and the bank can only supply a part of that."

Africa, the world's poorest continent, is home to one-sixth of the global population. It holds about 10 percent of the earth's oil reserves, 40 percent of its gold and 60 percent of cobalt reserves.

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