Panelists at the IMC Indo-Africa Summit called for stronger public-private partnerships to reduce the infrastructure gap in Africa and accelerate intra-continental and world trade.
The three-day event, which took place virtually from 4 to 6 November, drew lessons from the experience of India’s public-private partnership, which was described by some speakers as a good model for Africa.
Sanjeev Gupta, executive director of financial services at Africa Finance Corporation, drew attention to the need to develop bankable projects to attract the private sector.
“African governments can not be expected, and indeed are not in a position, to take project risks at an early stage, although they should be. This risk probably lies better with the private sector for commercial aspirations. better realized, “Gupta said Friday, explaining how different fragmented systems in Africa were practical challenges. In contrast, India had the advantage of being one country with one set of challenges.
Solomon Quaynor, Vice President of the African Development Bank for Private Sector, Infrastructure and Industrialization, said that the Bank has created Africa50 as a key leader in the preparation of the private sector in Africa.
“In collaboration with Africa50, we continue to innovate, including the recovery of infrastructure assets, to attract private infrastructure investors at a later stage in brownfield projects and thus free up capital for governments to invest in new infrastructure PPPs in their infrastructure development plans. invest.”
He said COVID-19 recovery plans should include the opportunities offered by the African continental free trade area.
Dinesh Joshi, Chair of the IMC Chamber of Commerce and Industry, noted in India that India has shown the world how to execute a successful PPP in different sectors.
“India has paved the way for success,” he said.
Larsen & Toubro, CEO of infrastructure development, Shailesh Pathak, told the panel that India has made strong progress with digital infrastructure and the narrowing of the digital divide, a model he proposed for Africa.
The moderator of the panel and CEO of H-Energy Global Limited, Darshan Hiranandani, was optimistic that India and Africa would be growth leaders in the coming years, “and there has never been a (better) time.”
The biggest demand has been identified for power, road and rail transport, while ICT infrastructure is better. For the Indian economy, the infrastructure sector is also a major driver, responsible for the continued existence of the country’s overall development – including power, bridges, dams, roads and urban infrastructure development.
The Indo-Africa Summit 2020 was organized by ABN (owners of CNBC Africa) and the IMC Chamber of Commerce and Industry and examined bilateral economic and business opportunities between sub-Saharan Africa and India.
Contact:
Emeka Anuforo, Department of Communications and External Relations, African Development Bank, e-mail: e.anuforo@afdb.org