2016 MEFMI Combined Forum. Accelerating Economic Growth in the MEFMI Region: Drivers, Prospects and Policy Implications
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- File Details
- Size: 25MB
- Creator / Author: Joan Addedis
- Resource Type: Africa Capacity Report
- # Download: 254
- Access: Open to Download
January, 2016
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MEFMI 2016 COMBINED FORUM.pdf
Basic Information
Creator / Author
MEFMI
Source / Publisher
Macroeconomic and Financial Management Institute of Eastern and Southern Africa (MEFMI)
Number of Pages
52
Geographic & Audience Details
Geographic Coverage
Classification & Domains
Subject
Economic Growth
Abstract
Infrastructure bottlenecks have been identified as one of the major impediments to SSA regions development and its quest to achieve a strong, sustained and shared growth. The region consistently lags behind on every measure of access to infrastructure services. The World Banks 2008 Africa Infrastructure Country Diagnostic (AICD) study estimates Africas total infrastructure financing needs at US$93 billion a year (or 15 percent of the regions GDP). Only US$45 billion of this gap is financed, leaving a deficit of about US$48 billion per annum. While the infrastructure funding gap is huge, public finances have remained under pressure. The budgets of major donors that traditionally supported aid flows to the Africa region have not recovered from the 2008 global financial crisis and more recently, the Eurozone sovereign debt crisis. This makes Official Development Assistance (ODA) increasingly volatile and uncertain as a source of funding. Against this background of fiscal constraints, PPPs are emerging as mechanisms to help governments address burgeoning infrastructure bottlenecks
Keywords
FINANCING AFRICAN INFRASTRUCTURE: NEEDS AND SOLUTIONS, INNOVATION IN GUARANTEE PRODUCTS AND FISCAL ASPECTS, PUBLIC PRIVATE PARTNERSHIPS
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