AfDB: invest in African infrastructure
MOZAMBIQUEBy BiztechAfrica - Aug. 23, 2012, 10:51 a.m.
The President of the African Development Bank Group has challenged African countries to remove some of their reserves from European and American banks and invest in infrastructure projects for Africa.
AfDB President Donald Kaberuka was speaking at the 32nd Summit of the Heads of State and Government of the Southern African Development Community (SADC), held in Maputo, Mozambique.
Fourteen heads of state from Angola to Zimbabwe attended the summit, along with Dr. Nkosazana Dlamini-Zuma, South African Minister of Home Affairs and incoming Chairperson of the African Union Commission, and H.E. Joachim Alberto Chissano, former president of Mozambique and SADC mediator on the conflict in Madagascar.
Kaberuka challenged African countries to remove some of their reserves from European and American banks and invest in infrastructure projects for Africa, particularly for the SADC Region. To this end, Kaberuka proposed that each Central African Bank invest 5% of its reserves in an African Infrastructure Bond.
“Fifty years of aid or development cooperation as it is sometimes called must have taught us many things,” Kaberuka told the summit. “Most important of all: Africa’s future must depend on its ability to fund its development from a whole range of sources."
“As the world gets more complicated, and multilateral solutions get weaker and weaker, we need more home grown domestic solutions,” Kaberuka added. “Africa, united, is on the brink of a breakthrough.”
MORE MOZAMBIQUE NEWS
Frost & Sullivan applauds Movitel for extending mobile to rural MozambiqueBased on its recent research on the mobile communications market, Frost & Sullivan has presented Movitel with the 2013 Mozambican Frost & Sullivan Award for Competitive Strategy Leadership. Read More
Maputo hosts science and technology showThe city of Maputo is hosting an expo to showcase the "Contribution of Science, Technology and Innovation in Promoting Socio-economic development of Mozambique." Read More
IS Mozambique supports prepaid roll-out in Central MozambiqueInternet Solutions Mozambique has embarked on the implementation of the second phase of state electricity supplier Electricidade de Moçambique’s (EDM) extensive metering and vending upgrade. Read More
ICT promises to enhance distance learning in MozambiqueMozambique’s Deputy Minister of Education (MINED), Leda Hugo, says ICTs present opportunities for the country to expand its distance learning programmes, to reach more students. Read More
USD40m needed to improve Mozambican recordsMozambique’s Deputy Minister of Justice, Alberto Nkutumula, says USD40 million is needed for the computer systems to improve the country’s civil records-keeping. Read More
Mozambique to export 122 MW of power to NamibiaMozambique will increase its power production to export additional power to Namibia. Read More
New system to improve state subsidiary managementMozambique’s Institute for the Management of State Holdings (IGEPE) is implementing a new computer-based model to improve control and management of state subsidiaries. Read More
DCC opens new office in MozambiqueDistributor Drive Control Corporation (DCC) is further expanding its African presence with the opening of a local office and warehouse in Maputo. Read More
Vodacom to roll out 325 new masts in MozambiqueVodacom expects to install over 325 new masts throughout Mozambique by December this year. Read More
FEATURED STORYGaming app introduces investors to trading
A new virtual stock market app is equipping would-be investors with the skills they need to trade.
BEST READ NEWS
IN DEPTHCorporate cyber security threats of the year
91% of organisations polled suffered a cyber-attack at least once in the past year, says Kaspersky Lab in its security review of 2013.