Business
US$3 billion infrastructure plan for East Africa
Major road expansion works underway in Kenya. – East African
(The East African) — Regional leaders are seeking to raise at least US$3 billion for a planned infrastructure facelift to boost East and southern Africa as an investment destination.
Leaders from four regional trading blocks: Southern African Development Community (SADC); East Africa Community (EAC); Common Market for Eastern, Southern Africa (COMESA) and InterGovernmental Authority on Development (IGAD) — are set to meet in Nairobi next week hoping to attract funding from donors and investors for projects. The projects include key corridors in East and southern Africa.
Under the direction of the Tripartite and IGAD, they will avail resources for the logistical and planning components for the conference that will provide resources to develop bankable infrastructure projects for investments in East Africa. Targeted sectors include roads, railways, inland waterways, ports, pipelines and power generation and transmission. The development of an efficient regional transport system will reduce the prohibitive transport costs and facilitate trade expansion and investment for economic growth in the Eastern and Southern region.
