Petroleum Africa
Find us on: 
Friday, December 19, 2014
Release
ICA finds rise in infrastructure finance commitments, but project preparation delays persist
The Infrastructure Consortium for Africa (“ICA”) has published its Infrastructure Financing Trends In Africa 2013 annual report, which finds that, for the second year running, there was a significant rise in total commitments for energy, transport, water and information and communications technology (ICT) in 2013. Results were reported by ICA members and from research carried out by Cross-border Information (“CbI”), which acted as consultant to the ICA Secretariat, into other public and private sector funding flows.
ICA members – the G8 countries, South Africa, African Development Bank, Development Bank of Southern Africa, European Commission, European Investment Bank, and the World Bank Group – reported 2013 commitments up 35% compared with 2012, reaching a record level of $25.3bn. The increase has been substantially helped by $7bn of commitments by US government agencies in US President Barack Obama’s Power Africa initiative. The signs are that the rise in commitments has continued in 2014 as ICA members have lined up to support initiatives including Power Africa.
Commitments from the private sector, non-ICA members including China, India, the Arab Co-ordination Group of funds and institutions, and other European countries contributed to total external funding commitments of $52.9bn in 2013, reinforcing a trend of growing support for Africa’s infrastructure, which recorded $34.3bn and $46.6bn total external funding in 2011 and 2012, respectively.
The report indicated sustained growth in African national governments’ spending on infrastructure. In the African countries for which data was obtained, while overall budgets increased by 3% in the 2011-13 period, budget allocations for infrastructure increased by 8% in the same period.
" alt="TAG Oil Completes Fraccing Program at Egypt’s T100 Well in Western Desert">
" alt="Sintana to Expand Asset Base in Namibia with Acquisition">
" alt="Luanda Gives Afentra Nod for Azule Acquisition">
" alt="TotalEnergies Increases Stake in ROC’s Giant Moho Field and Sells Mature Assets">
" alt="Africa’s $824 Billion Debt Burden and Opaque Resource-Backed Loans Hinder its Potential">
" alt="African Refiners Ponder Threats to Energy Security for Africa as Transition Takes Center Stage">
" alt="Invictus Inks Gas Sales MOU to Deliver Power to Eureka Gold Mine">
" alt="Globeleq Acquires the 25 MWp Winnergy Solar PV Plant in Egypt">
