69 infrastructure projects valued at $160 billion are set to be initiated by a number of African presidents
- A number of African heads of state came together to discuss infrastructure development in Dakar, Senegal.
- The 69 projects are a part of the Programme for Infrastructure Development in Africa (PIDA).
- This initiative aims to build infrastructures to boost Africa’s economic integration and competitiveness.
The second Dakar Financing Summit for Africa’s Infrastructure Development opened in Dakar, Senegal, with 69 infrastructure projects worth $160 billion on display.
African heads of government, the African Development Bank, development finance institutions, and institutional investors will gather to draw the modalities for pushing the projects to completion by 2030. The African Union Development Agency and the Government of Senegal are co-hosting the summit.
The 69 projects are a part of the Programme for Infrastructure Development in Africa (PIDA), a plan for building infrastructure to boost Africa’s economic integration and competitiveness. The AU Assembly of Heads of State and Government approved PIDA’s Priority Action Plan 2 in 2021.
On February 2, President Macky Sall of Senegal, President Paul Kagame of Rwanda, and Prime Minister Mostafa Madbouly of Egypt will participate in a roundtable discussion with Marie-Laure Akin-Olugbade, Acting Vice President for Regional Development, Integration and Service Delivery at the African Development Bank Group.
The topic of the debate is Financing Africa’s Infrastructure Priorities under PIDA PAP 2. Prof. Benedict Oramah, President and Chairman of Afreximbank, will participate.
The 69 projects, which come from all five of Africa’s regions, are being implemented by regional bodies and unions, including ECOWAS, COMESA, and SADC.
Under the first priority action plan, the African Development Bank has financed PIDA projects to the tune of nearly $7 billion (2012-2020). The Bank is the principal lender, having acquired more than 50% of the overall finance, with close to $9 billion in the previous 15 years going to the continent’s key infrastructure programs and projects under the NEPAD infrastructure program.
The Abidjan-Lagos Highway project, with a $15.6 billion estimated cost, is one of the most well-known PIDA projects that the African Development Bank funds. The 1,081-kilometer Abidjan highway will go along the coast of West Africa, connecting Abidjan with Lagos via Accra, Lomé, and Cotonou.