Washington: The urgent need to finance resilient infrastructure in Africa to achieve the Sustainable Development Goals (SDGs) by 2030 was one of the concerns raised Wednesday in Washington by African Governors to the World Bank and the International Monetary Fund (IMF). The Africans’ request was presented during a meeting between World Bank Group President Ajay Banga and IMF Managing Director Kristalina Georgieva, as part of the annual meetings of these two global financial institutions, which runs from October 13 to 16.

According to Angola Press News Agency, the African officials requested continued and additional support from the IMF and the World Bank to develop and adapt strategic and innovative financing solutions to address the infrastructure gap in Africa, at a time when African countries promote fiscal capacity and address the public investment gap. The Priority Action Plan of the Program for Infrastructure Development in Africa (PIDA) presents projects to improve sectors such as energy, water, transport, and technology.

It priorities cover critical sectors such as energy, as more than 670 million people lack access to electricity and 900 million people lack clean cooking solutions, such as water. The African leaders recognized that traditional sources of financing are insufficient and that debt exacerbates public debt. They suggested creating a favorable regulatory environment, mobilizing domestic resources, using innovative financial instruments, and promoting public-private partnerships.

According to the African Development Bank (AfDB), the continent needs between 130 billion US dollars and 170 billion US dollars in annual financing for infrastructure investments. It adds that the institution currently receives approximately 40 billion US dollars per year, leaving a gap in infrastructure financing, underlining that domestic resource mobilization “has not generated expected revenues,” while illicit capital outflows, estimated at 88.6 billion US dollars per year, are reducing the continent’s financing capacity.

This significant financing gap is further exacerbated by challenges such as climate change, conflict, and high debt levels. The World Bank and IMF Annual Meetings are annual spring gatherings that bring together representatives of governments, central banks, the private sector, and civil society to discuss the global economy, poverty eradication, and development.