African financial institutions have pledged to mobilise billions of U.S. dollars to finance infrastructure development across the continent, following commitments made at the Luanda Summit on Financing Infrastructure Development in Africa.
The four-day summit, which concluded on Friday, October 31, brought together government leaders, development agencies, and private sector investors to accelerate funding for critical infrastructure projects in energy, transport, water, telecommunications, and technology.
The organisers said the summit generated more than US$44 billion in new investment opportunities, positioning the continent to advance its long-term goal of financing its own development initiatives and reducing reliance on external borrowing.
In his opening address, H.E. João Manuel Gonçalves Lourenço, President of the Republic of Angola and Chairperson of the African Union (AU), stressed that Africa must invest between $130 billion and $170 billion annually to lay the foundation for sustainable growth.
Mobilising resources
“We must move from words to action,” President Lourenço urged. “This summit represents a decisive step toward mobilising the resources needed to enhance connectivity and integration across our continent.”
The Luanda Summit also underscored South Africa’s leadership through its current G20 Presidency, which has championed Africa’s priorities in global financial forums.
Maropene Ramokgopa, South Africa’s Minister in the Presidency for Planning, Monitoring and Evaluation, said Pretoria had used its platform to push for equitable global financing mechanisms and support for Africa’s development agenda.
Africa faces an estimated US$100 billion annual infrastructure financing gap, according to the African Development Bank. The Luanda commitments are expected to complement ongoing efforts under the African Continental Free Trade Area (AfCFTA), aimed at deepening regional integration and boosting intra-African investment.
