Sanday Chongo Kabange AfricaNews reporter in Lusaka, Zambia
The African Development Bank (AfDB) has committed a combined total amount of US$ 13.5 billion for infrastructure development in three of the continent's economic blocs. "The bank group has committed US$ 3.3 billion towards infrastructure development in the East African Community - EAC."
“US$ 6.2 billion in the Common Market for Eastern and Southern Africa – COMESA and US$ 4 billion in the Southern Africa Community- SADC”, Ashie Makungu, senior country economist in the AfDB Zambia office said.
Makungu said, after Africa’s largest economy - South Africa - officially went into recession; the global economic crunch had made it even more urgent for Africa to build up its own infrastructure.
He said the economic downturn had exposed Africa’s economic weaknesses and called for an immediate relief from overdependence on western donors.
Makungu remarked that close to 70 per cent of the AfDB’s resources had been directed towards infrastructure improvement as way of responding to the economic crisis that had paralyzed economic growth in many developing countries.
The AfDB senior economist was hopeful that infrastructure expansion in transport, telecommunication, energy, agriculture, health and education would greatly assist the continent mitigate economic challenges resulting from the global economic crisis.
