Create Profile

Creating your profile will enable you to submit photos and stories to get published on News24.

Please provide a username for your profile page:

This username must be unique, cannot be edited and will be used in the URL to your profile page across the entire 24.com network.

Facebook Sign-In

Hi News addict,

Join the News24 Community to be involved in breaking the news.

Log in with Facebook to comment and personalise news, weather and listings.


Africa set for large infrastructure fund

29 May 2013, 08:02Reuters

Marrakesh - The African Development Bank (AfDB) is negotiating with its members to create a huge fund to finance infrastructure in Africa, an official of the Bank told Reuters.

The Bank estimates the need of the African continent at $100bn every year for the current decade.

The bank's annual assembly, held in Marrakesh, will decide of the size of the funds on Thursday.

The AfDB is financing around $8bn, including $5bn for the infrastructure projects in Africa, the adviser of the President of The AfDB, Youssef Ouedraogo said on the margin of the bank's annual assembly.

"There are many wealthy sovereign funds in Africa and among our members, so we will try to negotiate some interesting loans" he said.

The bank would get funds from Libya, which will become an active member, Algeria, Equatorial Guinea and Botswana.

Africa's economy is projected to grow by 4.8% in 2013 and accelerate further to 5.3% in 2014, the AfDB said in a report released on Monday.


Read News24’s Comments Policy

Comment on this story
1 comment
Comments have been closed for this article.

Read more from our Users

Nigeria @ 56: Words to my green f...

A leader’s job is not to dictate, but rather to be respected, admired and be a trustee, of the land we love, with so much potential, a land which should be freer than free. Its still a long way to fufilling our destiny! Read more...

Submitted by
Isaac Asabor263
Recession: An opportunity for Nig...

The recession should be seen as an opportunity for the country’s promotion as long as we all collectively conduct ourselves in a patriotic manner, writes Isaac Asabor.  Read more...

Submitted by
Black and White

We want to imitate the whites in everything because we are ignorant of our inherent originality and content. We spend all our Naira to acquire his inventions because we so oblivious of our natural endowments that we allow him have it for free. Read more...

Submitted by
Nate Nat
Adamawa State University Mubi: A ...

ADSU integrity forum has accused the Sunday Joshua Wugira, a lawyer, of adopting unorthodox tactics by abusing his privilege by attacking the integrity of ADSU Vice Chancellor Dr. Moses Zira Zaruwa, writes a News24 reader. Read more...

Submitted by
Abdulsalam Jubril
My Country Nigeria (Part One)

Poetry by Abdulsalam Jubril.

Submitted by
Abdulsalam Jubril
Recession, dearth in leadership a...

Every leader has the opportunity to become great and making himself immortal in the lives and hearts of people for generations to come. Will Mr. President seize this opportunity?, questions Abdulsalam Jubril. Read more...