Page 14 - Msingi Afrika Magazine Issue 26

Economy
illustrate perfectly the a report on institutional
integrated corridor approach investment in Africa in 2018
is LAPSET Corridor (Lamu up to 2020.And we realized
Port-South Sudan-Ethiopia- at that time pension fund and
Transport). So you have a the sovereign wealth fund
corridor from Lamu Port in only invest 1.4% of their
Kenya up Ethiopia through asset under management
South Sudan. Along the into infrastructure. If they
corridor you have a highway, can invest up to 5% that
you have a fiber optic line, will generate $25 billion
you have a resort city, an investment into infrastructure
airport, and then you have annually on this continent.”
a power plant and more
importantly you have the “We developed a financing
LAPSET Railway Project strategy for PIDA, the
which if really implemented Program for Infrastructure
will give tremendous boost to Development in Africa ,
inter-regional trade in East which articulate clearly
Africa and Central Africa from the project definition
and to connect to the West up to the operation of
African region, definitely.” maintenance, how much it
will cost us and where can we
Of course what is on get those resources and how
everyone’s mind is funding. can we effectively mobilize
As explained by Ibrah those resources. We need to
Wahabu currently rail take that strategy and adjust
financing is coming 80% it and translate it into the
from government while rail sector. And I am sure
institutional investment we can find the appropriate
only invest 1.4% and the mechanism to finance the
private sector 12% into African Integrated Rail
infrastructure. Network project.”
“We used to think money In February of 2023,
is not the problem. This economist Prof.Jeffrey Sachs
continent has a lot of money. was speaking at the “High
How do you translate that Level Event on Africa’s
money into funding, into Macroeconomic Performance
financing? We commissioned and Outlook,” at the opening
WWW.MSINGIAFRIKAMAGAZINE.COM
14
| we tell the true afrikan story
session of the 36th Assembly
of the African Union at AU
headquarters in Addis Ababa.
In his remarkable speech he
stressed that Africa Needs
a Common Integrated Deep
Strategy for Ending Poverty
and Industrialization. He
said the following, [ read his
entire speech by typing his
name on the Search bar of
this website]
“What Africa can achieve in
the coming 40 years is what
China achieved between
1980 and 2020. Forty years in
which the Chinese economy
grew roughly 35 times and
went from poverty to a very
strong economy, indeed by
some measures, the largest
economy in the world. Africa
has the same population as
China and it has the same
potential as China but it
requires obviously a deep
strategy to achieve this kind
of result because what China
achieved resulted from a deep
strategy, it was not something
that just happened. It was
something that was promoted
by the Chinese leadership,
by the National Development
and Reform Commission, by
strategists over the course
of 40 years. This I think, is
Africa`s challenge. I don`t