International Summit Tackles Impact of Financial Crisis on Africa’s Infrastructure

In July this year, the G-8 summit will tackle the impact of the global financial downturn on investments in African infrastructure, according to a March 12 announcement in Rome by representatives from governments as well as European, African and Asian institutions and funding agencies.

The 5th Annual Meeting of the

, or ICA – which was hosted in the past days by the

, or MAE – featured officials from donor governments, the

,

,

,

,

and the continent's regional economic communities.

Italian foreign affairs undersecretary of state Vincenzo Scotti said Italy will use its presidency of the G-8 to make Africa a key issue of the summit.

ICA, which promotes Africa's development by supporting investment in the continent's infrastructure, discussed its 2009-2011 strategy during the Rome gathering.

"We should not underestimate the impact of the financial and economic crisis on investment in Africa's infrastructure sector, particularly on the levels of private sector investment. But for Africa to benefit when the upturn comes, which it will, the building blocks of a sound infrastructure must be in place," said ICA Coordinator Alex Rugamba.

"This means better coordination of efforts to bridge the financing gap and working with partners and stakeholders to encourage African infrastructure service providers to tap into the $20 billion that could be gained annually through efficiency improvements," he added.

The ICA meeting came a month after the latest African Union summit in Ethiopia's capital city Addis Ababa, which also focused on Africa's infrastructure priorities.

About the author

  • Tiziana1

    Tiziana Cauli

    Tiziana has contributed to Devex News since mid-2008, focusing mainly on Africa as well as the European donor landscape, especially those in Brussels, Rome and Barcelona. Tiziana has worked as a journalist for Reuters and the Associated Press in Johannesburg and at Reuters in Milan and Paris. She is fluent in Italian, English, French and Spanish.