Maravi

Smart Partners initiatives mobilise $46m for infrastructure

Smart Partners initiatives mobilise $46m for infrastructure
By Noel Sichalwe
Wednesday July 30, 2008 [13:47]

THE Smart Partners Financial Initiatives have mobilised about US $46 million under the Africa Infrastructure Fund (AIF) for Africa's infrastructure development. According to the Smart Notes presented by Commonwealth Partnership for Technology Management Ltd (CPTM) executive director Dr Mihaela Smith and CPTM fellow Sir Charles Masefield, the money would be expended according to opportunities considered on a case by case basis.

They said some of the examples of investments committed or in negotiations included the US $26 million investment in a strategic partnership with port and rail companies to develop port and rail links to three countries and substantial mineral extractive activities.

The duo said there has been a US $20 million investment for 82 per cent stake in management services contract in Uganda with a local company in developing African telecoms network, US $26 million investment in management services contract in Tanzania for a national telecoms network among others. "After decades of under investment, Africa needs infrastructure to deliver its exports and achieve economic diversity," they have stated. "Average sustained GDP (Gross Domestic Product) growth rate of above 5 per cent in sub-Saharan Africa is expected to climb to 6.5 per cent in 2008.

Focus has been on countries fulfilling the following criteria; significant number of investment opportunities, progress in democratic process, respect for rule of law and easy of doing business." They said that they have identified 24 opportunities, committed up to US $46 million, identified three opportunities totaling US $49 million and that opportunities totaling US $75 million were progressing well.

The duo said sub-Saharan Africa's wealth in mineral resources made it a key partners to the western world and that after decades of under investment, Africa needed infrastructure to deliver its exports and achieve economic diversity.

Labels: CPTM, INFRASTRUCTURE, SMART PARTNERHIPS

posted by MrK @ 9:38 PM