PIDA: Africa showcases 69 infrastructure projects valued at $160bn
The 2nd Dakar Financing Summit for Africa’s Infrastructure Development has opened its doors, showcasing 69 infrastructure projects valued at $160 billion.
African heads of government, development finance institutions, and institutional investors have gatherd to discuss the modalities for the completion of the projects by 2030.
The summit is co-hosted by the African Union Development Agency and the Government of Senegal.
The projects, covering all five regions of Africa, fall under the Programme for Infrastructure Development in Africa (PIDA), a blueprint aimed at boosting the continent’s competitiveness and economic integration.
PIDA’s Priority Action Plan 2 was adopted by the African Union Assembly of Heads of State and Government in 2021.
The summit features presidential roundtables, panel discussions, and boardroom sessions to discuss specific infrastructure projects.
On Thursday, African Development Bank Group Acting Vice President Marie-Laure Akin-Olugbade participated in a roundtable discussion with President Macky Sall of Senegal, Rwandan President Paul Kagame, and Egypt’s Prime Minister Mostafa Madbouly. The discussion, titled “Financing Africa’s Infrastructure Priorities under PIDA PAP 2,” included Afreximbank President and Chairman, Prof. Benedict Oramah.
The African Development Bank has provided over $7 billion in financing for PIDA projects under the first priority action plan (2012-2020) and has been the lead financier for the continent’s infrastructure programs, securing over 50% of total financing.
The Bank’s support for the Abidjan-Lagos Highway project, valued at $15.6 billion, is one of the best-known PIDA projects. The bank has also provided $50 million in technical and financial assistance to the Democratic Republic of the Congo’s INGA 3 Hydropower generation project.
PIDA is a joint initiative of the African Union Commission, the New Partnership for Africa’s Development Planning and Coordination Agency, and the African Development Bank, which is PIDA’s executing agency.
