Africa invites China, other countries to infrastructure bid
Updated: 2013-07-18 11:19
JOHANNESBURG -- The two-day African infrastructure conference ended on Wednesday, calling on China and other countries to invest in the continent's infrastructure development.
The conference was attended by governments, captains of industry and the private sector on the African continent.
The African representatives agreed that developing infrastructure will boost the economy in Africa since the superior infrastructure will make it easier for trade and movement of goods between countries.
Infrastructure in Africa is old, poor, dilapidated and absent, which has been viewed as a hindrance to trade and economic development on the continent.
The World Bank in its report said Africa suffers infrastructural deficiency of at least $93 billion per year.
During the conference, the Africans agreed to work together to improve road, rail, port and other infrastructure projects on the continent.
Addressing the gathering, South African Minister of Public Enterprises Malusi Gigaba suggested the source of infrastructure funding should come from China, BRICS (Brazil, Russia, India, China and South Africa) and Africa.
"To date, China represents Africa's leading trading partner, making up more than a third of Africa's trade. Chinese pragmatism has certainly enabled infrastructure and broader investment in a range of African countries," he said.
The minister told Xinhua that funding should also be sourced from other emerging markets and Europe. "Local funding from bonds and pension funds should also be explored," he added.