Lack Of Bankable
Projects Discourages Investors - AU
The
African Union has said lack of bankable projects has stalled
efforts to get potential investors to invest in Africa’s
infrastructural development.
Dr. Elham Ibrahim, the Commissioner (Infrastructure and Energy)
of the AU Commission told newsmen in Addis Ababa that, ’’Many
prospective investors were eager to invest in infrastructural
and energy projects in Africa, but most of the projects on
ground were not bankable.’’
Bankable projects are those with good feasibility studies, good
accounts and good investment indices.
She said that the commission was looking for people who could
assist in partially funding the feasibility studies on these
projects and turn them into marketable ones.
Strides
Ibrahim said that despite that, the commission had recorded some
remarkable achievements in the areas of infrastructure and
energy development.
’’In the area of air transport, there was the 1999
Yamoussoukro Agreement on air transport; however, the agreement
had yet to be implemented.’’
She said that the AU had empowered the African Commission for
Aviation to oversee the implementation of the agreement after
setting the rules for civil aviation in Africa.
Ibrahim also said that guidelines had been set for the
implementation of the Air Transport Agreement between AU
countries and the European Union (EU) on rail transportation.
The Commissioner said that feasibility studies on transnational
rail transportation in some parts of Africa had started, as part
of which is the feasibility work on the rail connection between
Ethiopia and Djibouti, which had reached an advanced stage.
Besides, the commissioner pledged the determination of the AU to
put in place a comprehensive railway system for the entire
African continent.
She, however, said that the major hindrance to the plan was the
different rail systems existing in the member countries.
’’We are, nonetheless, trying to harmonise all the rail
systems across the continent,’’ she said.
On road transportation, Ibrahim said that the AU commission
intended to work on existing road corridors such as the
Dakar-Djibouti corridor and the Cairo corridor.
Maritime sector
In the maritime sector, the commissioner said that the Maritime
Charter for Africa had been adopted in October 2009.
On the rising wave of piracy on the seas, Ibrahim said that the
AU was very worried about the menace and was taking steps to
address it.
She said that the 2009 ministerial meeting also made a
declaration on maritime safety and environment in Africa.
NAN/Yinka
