A recent report issued by the World Bank reveals China, India, and a few Middle Eastern countries are funding a record amount of infrastructure projects across Sub-Sahara Africa.
Investments were below $1 billion per year before 2004 and increased to $8 billion in 2006 and $5 billion in 2007. Leading the pack is China, committing $3.3 billion for 10 projects that have the potential to boost the region’s hydropower generation by 30% with the majority of investments located in Angola, Nigeria, Ethiopia, and Sudan.
The World Bank’s Vice President for the African Region Obiageli Katryn Ezekwesili said, “China’s growing infrastructure commitments in Africa are helping to address the huge infrastructure deficit of the continent. There are of course challenges which will need to be addressed by African nations and China coupled with the support of development partners.”
“By working together, we can create win-win partnerships,” continued Ezekwesili.