Brazzaville, Congo - The President of the African Development bank (AfDB), Donald Kaberuka, said here Tuesday that Africa needs US$ 100 billion every year for minimal infrastructure needs.
Kaberuka, speaking at a press conference marking the end of his two-day visit to Congo, said:
'Today, we can raise only about US$ 50 billion from silent partners, governments, share markets and partners like China.
'Therefore, it is time to create a Fund because US$ 50 billion is not much. The fund will help mobilize money which will enable us finance projects like roads and energy in the continent.'
The AfDB president said that the fund would be launched during the annual general assemblies of the institution in May in the Rwandan capital, Kigali.