Citigroup's Miguel Azevedo on creating an infrastructure bank for Africa

In a recent interview on CNBC Africa, Miguel Azevedo, the Head of Investment Banking for Africa and Portugal at Citigroup, emphasized the crucial importance of Africa creating its own infrastructure bank. Azevedo expressed his optimism about Europe's involvement in finding solutions for Africa, citing Europe's historical ties with the continent and the mutual benefits that could result from Africa's sustainable development. He stressed that for Africa to progress, a comprehensive infrastructure plan is essential, encompassing roads, rails, power, ports, airports, and pipelines. Azevedo highlighted the need for concrete actions rather than mere rhetoric, suggesting the establishment of an organization akin to the European Investment Bank (EIB) or the European Bank for Reconstruction and Development (EBRD) to facilitate infrastructure development in Africa. He proposed the creation of an 'African infrastructure investment bank' dedicated to attracting capital and implementing best practices for project delivery. By focusing on timely and high-quality project execution, Azevedo argued that such an institution could generate employment opportunities that are vital for Africa's economic growth. When questioned about the role of the African Development Bank (AfDB) in infrastructure development, Azevedo acknowledged the AfDB's contributions but emphasized the need for additional resources on a larger scale to tackle the monumental challenges facing Africa. He underscored the importance of leveraging diverse sources of capital, including China's investment, to address Africa's infrastructure deficit effectively. In response to a query regarding Germany's potential role in supporting Africa's infrastructure development, Azevedo pointed to Germany as a key player in Europe with the capacity and willingness to lead such initiatives. He noted that Germany's strong stance on migration issues has heightened its awareness of the need to address Africa's development challenges and highlighted the country's pivotal position within the European Union. As Africa grapples with the formidable task of enhancing its infrastructure to drive economic growth and create employment opportunities, Azevedo's call for the establishment of an African infrastructure investment bank resonates as a strategic step towards sustainable development. By fostering collaboration between African nations, international partners, and financial institutions, such an institution could serve as a catalyst for transformative change and reshape the continent's future.