WOFA to Raise $10bn to Bridge Infrastructure Deficit


Ferdinand Ekechukwu
A newly established think-tank, The World Forum for Africa (WOFA), is set to galvanise stakeholders around the world to bridge the infrastructure gaps in Africa by raising $10b in the first tranche through its innovative annual private sector led global summit coupled with a transnational initiative: Infrastructure As An Asset (IAAA) proprietary program.


The IAAA will be used to conceptualize and implement transformational infrastructural projects, which are economically viable, fiscally and commercially sustainable.
Speaking about the think-tank, the co-convener, Abi Ahmed Haruna, noted that WOFA is single-mindedly committed to infrastructure development in Africa. 


Quoting relevant statistics to buttress the urgent call for creative financing to close the infrastructure deficit in the continent, Haruna stated that “Notwithstanding some outstanding initiatives, in 2016 the United Nations Conference on Trade and Development estimated that between $1.6 trillion and $2.5 trillion is required annually for the period 2015–2030 to bridge the infrastructure-financing gap in developing countries.”


He continued: “The African Development Bank estimates that Africa needs $170 billion a year by 2025, with an estimated gap of around $100 billion to plug the gaping infrastructure deficit across all major sectors in the continent and to meet the United Nation’s Sustainable Development Goals (SDGs). This tenuous position of Africa is further heightened by the unprecedented double impact of the COVID 19 pandemic in the last two years and current conflict in Ukraine.”


According to him, “WOFA is focused on inspiring the build-out of transformational infrastructure projects across Africa thus spurring what is perhaps the largest economic transformation in human history.”


“WOFA is essentially about helping to bridge the infrastructural gap across this great continent. It is determined to lead the continent’s infrastructure revolution through a Made in Africa initiative,” he said.


Abi, who is an Attorney and an Africa’s digital infrastructure transformation enthusiast, further submitted that, “WOFA’s objective is to make a difference by achieving creative, innovative and sustainable financing solutions for Africa’s infrastructure transformation through collaboration with international development partners and major stakeholders in Africa infrastructure value chain delivery, including private and public sectors.”


He continued: “When you look around the continent of Africa, challenges abound. But at WOFA, we are determined to turn the challenges into opportunities, place the continent on the path of rapid economic growth and spur the largest economic transformation in human history.”

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