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African Development Fund to be
launched on Saturday
Accra, June 29, GNA - A Pan-African Infrastructure
Development Fund (PAIDF) would be launched on Saturday at
the ongoing African Union Summit, Professor Wiseman Nkuhlu,
Chairperson of the Fund, announced on Friday.
The fund, he said, had seed money of 625 million dollars and
was aiming at attaining at least one billion dollars by the
end of the year.
Professor Nkuhlu said South Africa, the African Development
Bank and Ghana through the Social Security and National
Insurance Trust (SSNIT), had already contributed to the
Fund, which would be used mainly for infrastructure
development, energy needs and promotion of science and
technology across the continent.
He said other countries in Africa had expressed interest in
contributing to the fund, but were unable to because their
legislations did not give way for the release of funds
without parliamentary approval.
Professor Nkuhlu, who is one of the brains behind the
institution of NEPAD, called for the amendment of pension
laws across the continent so that countries would be able to
contribute to the fund.
He said Africa had the potential to become a big investment
destination by 2050, because by that time its population
would be more that China's adding that it was for this
reason that Africa needed to be strategic in its
developmental agenda.
"We need to focus on how to use the vast resources at out
disposal to turn the continent round to become the desired
place of choice for investors and people looking for
potential markets for the goods," he said.
Professor Nkuhlu said the focus of governments now should be
the pace of development taking place in their respective
countries.
Mr Brain Kagoro, Pan Africa Director, Action AID
International, said Africans needed to rejoice at their
successes which had become the envy of some developed
nations.
Citing the election of an African Woman President, he said
this kind of event had eluded the United States of America,
a leader in democratic governance issues.
"There is hope for Africa, because for some time now there
has been significant economic progress across the continent,
with conflicts reducing considerably," Mr Kagoro said.
He said unless the continent's leaders invested in the
people there could not be progress.
GNA
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