Africa has financial resources and infrastructure projects, but is still struggling to turn its ambitions into tangible achievements. At the Alamein Africa Forum, Nardos Bekele-Thomas, Director-General of AUDA-NEPAD, called for better mobilisation of African capital, rigorous infrastructure planning and a sustainable partnership between public authorities and the private sector.
Africa’s economic ambitions are being held back by an implementation gap. Indeed, 8 out of 10 infrastructure projects fail at the feasibility stage, while fewer than 10% reach financial close, according to Nardos Bekele-Thomas. For the Chief Executive Officer of AUDA-NEPAD, the African Union’s (AU) implementing agency responsible for coordinating and delivering development projects across the continent, Africa must now move beyond announcements and turn its priorities into viable, monitored and sustainable investments.
“Africa is not only a continent of raw materials, but also one rich in human and financial potential, capable of building productive economies across various sectors, including localising industries, digitalisation and the use of artificial intelligence in production, as well as pharmaceutical companies and automobile manufacturing.”
Nardos Bekele-Thomas, Chief Executive Officer of AUDA-NEPAD – Ethiopia
To achieve this goal, Nardos Bekele-Thomas is calling for the mobilisation of African savings. Sovereign wealth funds and pension funds hold nearly 1.7 trillion dollars, yet less than 2% is invested in the continent’s infrastructure. Raising this share to 5% could unlock more than 50 billion dollars to finance strategic, cross-border and essential projects.
“Between last year and now, you have already contributed 526 million dollars, and further amounts will come in from some of you before the end of this year. That is ownership. It makes ownership tangible.”
Nardos Bekele-Thomas, Chief Executive Officer of AUDA-NEPAD – Ethiopia
AUDA-NEPAD is focusing on the technical preparation of infrastructure projects. The Programme for Infrastructure Development in Africa currently lists 69 active regional projects, valued at 215 billion dollars. By bringing together governments, investors and blended finance, the agency aims to accelerate their implementation. Its stated objective is to turn transport corridors, energy infrastructure and transport networks into tangible drivers of integration and shared growth.
