Africa needs US$621 billion to meet SDGs

Source: Ghana/Myjoyonline.com

The Global Infrastructure Hub, a G20 initiative, has published two reports that reveal an urgent need for infrastructure investment in 10 Compact with Africa countries, and highlight the reforms required to encourage greater investment. 

The first of these reports, Global Infrastructure Outlook: Infrastructure Investment Need in the Compact with Africa Countries, reveals that, unless US$621 billion is invested in these 10 countries by 2030, they will fail to meet the UN Sustainable Development Goals (SDGs) for universal access to drinking water, sanitation and electricity.

This amount is three times what is expected to be delivered based on current investment trends (US$206 billion), exposing an investment gap of US$415 billion.

Moreover, the required US$621 billion is part of a greater total infrastructure investment need of US$2.4 trillion for energy, telecommunications, airports, ports, rail, roads and water to 2040, if these 10 countries are to meet the demands of accelerating economic and population growth. Based on current trends, forecast investment is US$1.4 trillion, leaving a US$1 trillion investment shortfall.

In delivering these findings, Outlook forecasts for the first time the scale of the overall infrastructure investment gaps at both country and sector level in 10 Compact with Africa countries, and how these relate to meeting the SDGs.

Ludger Schuknecht, German G20 Finance Deputy and Co-Chair of the G20 Africa Advisory Group said: “We welcome the Global Infrastructure Hub’s activities towards analysing investment conditions in Compact with Africa countries. This will help Compact Countries, together with partners, in developing sound policy frameworks for sustainable private investment.”

Currently, 40 per cent of people living in 10 Compact with Africa countries don’t have ready access to electricity, and 59 and 53 per cent live without readily available drinking water and sanitation respectively. The Global Infrastructure Hub CEO Chris Heathcote said time is running out if the world is to meet the UN SDGs in these Compact with Africa countries

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