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TIi E NATION MONDA'r,ocrOHER 1",2012

26

Africa's tructure deficit impinges trade'

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HE huge mffilstruclure

1. ~efldl III Africa is rnhibit·

Inf; intra-reglonill trade and KonoOlIC den·lopment m Ih.> regIon; II was learnl at the wl-ekend Ilu.'i WOlS the submlAAlon of fl nancf' and economiC, experts frtom AfTi(1l at a dISCUSSIon P:lnd ~arused on ttv Sidelines of the 2012 mfi'ling~ of Ihe InternilIi(.nal Monf'lary Fund, World BlInk Group In Tokyo, Japan me ex~ Silld the mfrastruclure chalIen~e however, pr(" Yil~ huge m\'eslment opporturulles with returns of betWem 10 and cent annually, de-

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fl), Ctltlcal connecting infrastructure that continue to impede ~~ Ih and deve.lopment "Even If YOlllakt' up to up to 10 per cenl ($46~ billloni of that 10 fix infra5lruCTUn'!. we would lea\'e !iOfOof'thrng for our children "We must ~1so lind inn<,vauv(' waY' 10 ~ ~n .. ion ao;;s('15 (across the conllnent's rnember nations) 10 fmance mfr.lo;tructur(' (lust a .. ) rublK rn\alt' partnershIp could be further explored In thesr .Jr. elS Innoyation m financini,ji mslruments (like bonds) 15 key, he ~Id Tht. A frex.mbanJ.. boss stressed that Afnu's jOint v('nture proJ{'ct~ tohould bf' In sectors such n road and rail traMpar. t .. lion, whIch would make it eUler 10 move .nd

nent with greater ,ease, thereby boosting commeroal activitl~ ..It 15 so difficult 10 Irayel wlttun Afnca, so we have slgnt'd a $1.9 billion loan contract with Kenya Airw~ys to enable it expand Its fleel, lind (Nigeria's) Ank Aidwhich seeks) to ex~nd its neet In Angola and Ghana 'No Single kilometer of rail has been addt-d by Afncan countnes srnCl' rndept.'ndence, e)(~pt for South Afnca, preparatory to the world ("UP it hosted In 2010. We need to change all of this," he stressed Mr Ekni sud the ('ffects of the ongOtng global crisis on the conhnent h~vereulted in nlOT"E' pressure on Afre:cm Bank With mort' rnstitutions now approachtng II for credit hoes This, he said", is bKau'ioE' olher souras of crt>dil for on-lending hilYe gradually dried up owmg 10 the Anandal ais~ In the Euro 70flE'.

Scarci ty of f is h loo ms 8y OIuw.lI.ml D.ud.


THE NATION, 15 OCTOBER, 2012