Invest Africa’s Pension Funds In Infrastructure, NEPAD Advocates in Nigeria
Mr Ibrahim Mayaki, Chief Executive Officer, NEPAD Planning and Coordinating Agency, has tasked African governments to commit to a roadmap that will allow pension funds to invest in infrastructure.
A statement in Abuja by the communications section of the Economic Commission for Africa (ECA) disclosed this on Monday at the venue of the ongoing African Development Week which began on Thursday in Dakar, Senegal.
The meeting was organized by ECA and the United Nations Economic and Social Council (ECOSOC), the statement added.
It said that Mayaki told participants in his address on “innovations in infrastructure development and sustainable industrialization” that pension funds were relevant to Africa’s development.
He said that 28 pension funds, out of 52 from 20 countries, were currently valued at 1.4 trillion dollars.
“In the past five years, they have invested 2.9 per cent of their money in infrastructure, which translates to 41.8 billion dollars, of which 37.9 billion dollars was invested in unlisted equity instruments.
“About 3.9 billion dollars was invested through infrastructure project bonds or loans with a paltry amount going to Africa.
Full Content: Leadership
