Africa urged to focus on delivering bankable projects for its economic transformation

DAR ES SALAAM: AFRICAN nations, investors and the private sector have been challenged to move beyond ambitious infrastructure plans and focus on delivering bankable projects capable of driving the continent’s economic transformation.

Addressing delegates at the opening of the Africa50 General Shareholders Meeting and the Infra for Africa Forum in Dar es Salaam on Wednesday, Tanzania’s Minister for Finance, Ambassador Khamis Mussa Omar made the call noting that Africa’s infrastructure deficit should be viewed as an opportunity to unlock innovative financing and deepen strategic partnerships.

“The next decade must be defined not only by ambition but also by delivery,” the minister said, noting that sustainable development depends on effective collaboration between governments, investors and the private sector.

According to the minister, such partnerships are crucial in transforming ideas into viable investment opportunities that create jobs, boost trade and improve livelihoods.

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The meeting, hosted by Tanzania as Africa50 marks its 10th anniversary, brought together policymakers, financiers and infrastructure investors from across Africa and beyond.

Ambassador Dr Omar described Tanzania’s selection as host of the meeting as a vote of confidence in the country’s commitment to regional integration and infrastructure development.

Moreover, he praised Africa50 for emerging as one of the continent’s leading infrastructure investment institutions, citing its success in mobilising capital, preparing bankable projects and forging strategic partnerships over the past decade.

He stated that Tanzania has placed infrastructure development at the centre of its Development Vision 2050, with investments in transport, energy, digital connectivity and logistics aimed at accelerating industrialisation, facilitating trade and improving the quality of life.

Furthermore, he highlighted Tanzania’s decision to become an Africa50 shareholder in 2023, saying it reflected the country’s confidence in the institution’s innovative approach to financing and delivering sustainable infrastructure projects.