The African Development Bank (AfDB) says Africa needs about 170 billion dollars annually to meet its infrastructure requirement.
Prof. Vincent Nmehielle, Secretary General of the bank, disclosed this at a media briefing to announce the bank’s annual meeting, on Thursday in Abidjan.
He said that the bank only approved seven billion dollars for all aspects of the high five priority projects adding that there was the need to diversify the sources of African development through promoting the private sector.
He noted that improving the private sector operation was the only way for Africa to meet its development potentials.
On the funding of the high five priority projects of the bank, he said that the bank had earmarked 9.99 billion dollars for the implementation of the projects.
The high five projects include, Light up Africa , Feed Africa, Industrialize Africa, Integrate Africa and Improve the quality of life of the people of Africa.
Commenting on the annual meeting, he said it would focus on review of the Bank”s accounts by the Board of Directors adding that some resolution would equally be passed at the meeting.
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