Africa requires US$100 billion for infrastructure annually, says SCB head

Standard_Chartered_branch_NigeriaStandard Chartered Bank’s Ebenezer Essoka has called on African nations to pay for vital infrastructure upgrades through the issuance of Eurobonds. (Image source: Standard Chartered Bank)Standard Chartered Bank (SCB) has said the continent needs to bridge the gap of infrastructure finance deficit through the issuance of a Eurobond

According to SCB chief executive officer and general manager for southern Africa, Ebenezer Essoka, of the US$100 billion required for infrastructure development across the continent, only $53 billion is provided by various governments.

Essoka, who made the comments at a media briefing in Lusaka, Zambia, urged African governments to meet the $47 billion gap by raising finances through the issuance of a Eurobond as done previously by countries such as Kenya, Ghana and Nigeria.

“Africa has a gap of approximately $47 billion from the $100 billion needed for infrastructure development – we have to bridge this gap,” said Essoka.

“I spearheaded the first Eurobond in Ghana, so we should see more of this in the continent to help raise funds.

“It is important to use bonds widely to improve ownerships,” he added.

Nawa Mutumweno

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