For Africa to develop world-class infrastructure, key stakeholders – governments, business, investors and development partners must come together to find ways to more effectively finance infrastructure projects.
This was the objective of the 2nd Dakar Financing Summit for Africa’s Infrastructure Development (DFS-2), that took place in Dakar, Senegal at the Abdou Diouf International Conference Centre (CICAD) from 1-3 February 2023.
Under the theme, “Maintaining the momentum towards world-class infrastructure in Africa”, the Summit seeked to catalyse public, private and blended funding for identified priority infrastructure projects. Specifically, it aimed to generate and galvanise private sector interest in specific regional infrastructure projects and to mobilise substantial funds dedicated to the preparation of these projects.
Infrastructure development is a key driver of progress. A recent World Bank report showed that the poor state of infrastructure in many parts of Africa reduces national economic growth by two percentage points each year and causes business productivity to decline by up to 40%.
The 1st Dakar Financing Summit provided solutions to accelerate the implementation of the first Priority Action Plan of Africa’s blueprint for infrastructure development, the Programme for Infrastructure Development in Africa (PIDA).
The Summit opened by the president of Senegal and African Union (AU) Chairperson, Macky Sall and attended by Heads of States and representatives of AU Member States, the Private Sector, Development Finance Institutions (DFIs), institutional investors and development
The Summit was hosted by Senegal, the African Union Commission (AUC) and the African Union Development Agency – NEPAD (AUDA-NEPAD) in partnership with the African Development Bank and United Nations Economic Commission for Africa.
Credit: Mark-Anthony Johnson