Africa desperately needs investment and financing infrastructure and the African Investment Forum that has just ended in South Africa is the first step to go beyond talking and start doing something, according to Akinwumi Adesina, head of the African Development Bank.
Foreign aid alone, Adesina debated during the three-day forum in Johannesburg, will not develop Africa, but business and investment and clear goals and policies will.
At least seven heads of state and the government joined with around a thousand other Africans to discuss how Africa could attract the financing needed to develop its infrastructure and restore its position to the economy.
Africa needs between $ 130 billion and $ 170 billion annually to develop its infrastructure while at the same time more than $ 131 billion sits with institutional investors looking for a place to invest, Adesina said at the opening of the forum.
The problem is not money, but many challenges that hinder many investments in Africa, including rampant corruption, legal barriers and contractual agreements that can be maintained in court.
The African Investment Forum aims to find a solution, not only lamenting the well-known problems that have been suffered for decades.
Simon Ateba is a well-known international journalist and founder and publisher of Today News Africa. He lives in Washington, D.C.