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Africa’s domestic capital pools rises 25%, yet infrastructure gap persists – AFC report - REUTERS
NAIROBI, April 23 (Reuters) – Africa’s domestic capital pools rose 25% year-on-year, but the continent still struggles to finance large infrastructure projects needed to create jobs, the Africa Finance Corporation said in a report on Thursday.
Capital held by African institutions such as development banks, sovereign wealth funds and central banks jumped to more than $2 trillion from over $1.6 trillion a year ago, the report found. The increase in central bank reserves was partly driven by rising gold holdings and price, it said.
“Capital is accumulating across Africa, but it is not creating jobs at scale,” said Samaila Zubairu, chief executive of the Lagos-based AFC. “That is the disconnect we must fix.”
The findings of the annual study is titled State of Africa’s Infrastructure Report.
