Panel Tackles Development Funding Gaps in Africa

Corruption, the lack of reforms and other inefficiencies of the current system used to implement development programs in Africa are the main reasons why the region is suffering from up to USD31 billion annual funding gaps in infrastructure development, said a panel of World Bank economists, major African policy makers and nonprofit representatives. The panel, Angie Gentile writes on

, noted that additional funding is necessary to close the funding gap, but such task would be challenging given the current global economic climate. Policy reforms that will address regulatory oversight and support project monitoring and evaluation should also be put in place, Gentile states.