Several African nations are facing a shortfall in funding for infrastructure projects, according to research by the Global Infrastructure Hub.
The report, Global Infrastructure Outlook: Infrastructure Investment Need in the Compact with Africa Countries, says that $2.4trn is needed in 10 countries by 2040 if they are to keep pace with economic growth.
However, only $1.4trn is forecast to be delivered and $415mn of the $1trn deficit is required by 2030 in order to for the 10 Compact with Africa countries to hit UN Sustainable Development Goals.
The countries in question are Morocco, Tunisia, Egypt, Ethiopia, Senegal, Guinea, Côte d’Ivoire, Ghana, Benin and Rwanda.
However, the report does highlight a trend for increased investment into emerging markets.
Global Infrastructure Hub CEO Chris Heathcote commented: “It’s now more important than ever that emerging markets continue to develop their infrastructure project pipelines, as well as continuing a track record of attracting public and private capital into well-identified, selected and prioritised projects.
“As the investment environment in these 10 countries improves, there is a real opportunity for infrastructure investors to deliver impactful projects; providing access to essential services – roads and rail, airports and seaports, telecommunications, drinking water, sanitation and energy – for a large proportion of the population.”
Of all the regions studied by the Global Infrastructure Hub, Africa showed the greatest deficit in projected investment, the $1trn figure representing a 42% shortfall.
“Our health and safety business has grown significantly under Peter’s direction in the last two years. I look forward to working with him to continue to drive our ambitious growth plans.”