Elsheikh: Infrastructure is key to Africa’s sustainable growth

The Secretary General of the Arab Bank for Economic Development in Africa (BADEA), Fatima ElSheikh, emphasized the importance of infrastructure investment for Africa's sustainable development during an interview with CNBC Africa. ElSheikh highlighted BADEA's ambitious five-year lending program, which includes a pledge of $18 billion for development projects across the continent. She stressed the critical need for private sector participation in financing infrastructure to bridge the growing funding gap in Africa. ElSheikh expressed pride in BADEA's partnership with the Arab-Africa financial consortium and their commitment to shaping future engagement in Africa based on the voices and needs of the continent's stakeholders. The interview took place at the Africa Prosperity Dialogues in Accra, where ElSheikh and other development partners discussed key strategies for accelerating growth and investment in Africa. ElSheikh noted that while significant investments have been made in Africa's infrastructure, there is still a significant shortfall in meeting the continent's growing needs. She pointed out that BADEA's $18 billion pledge is a substantial increase from its previous investments and reflects the bank's recognition of the urgency of addressing Africa's infrastructure challenges. ElSheikh highlighted the geographical diversity of Africa as a key factor driving the demand for infrastructure development, alongside the continent's population growth and sustainability goals. She emphasized the importance of building green infrastructure that aligns with Africa's sustainable development agenda. ElSheikh also outlined BADEA's criteria for investing in projects, with a strong focus on the human impact and contribution to sustainable development. The bank prioritizes projects that enhance connectivity, such as roads and airports, which have a direct positive effect on human development. Additionally, ElSheikh underscored BADEA's commitment to promoting private sector participation and trade as pillars of their strategy. The bank has introduced a new funding window in its five-year lending program to support infrastructure projects driven by the private sector or state-backed initiatives. This innovative approach aims to bridge the gap between public and private financing and accelerate the development of critical infrastructure across Africa. ElSheikh expressed optimism about the impact of these initiatives and the potential for transforming Africa's infrastructure landscape in the near future.