WOFA moves to bridge Africa’s $10b infrastructure gap

World Forum for Africa (WOFA) has reiterated need for a new ‘made in Africa’ initiative to stimulate infrastructure revolution on the continent.

The co-convener, Abi Haruna, led the call on sidelines of the just-concluded Commonwealth Head of Government Meeting (CHOGHM2022) in Kigali, Rwanda.

Speaking at the forum, Haruna shared WOFA’s objectives on convening an innovative yearly global private sector-led summit that would chart “right course for achievement of creative, innovative and sustainable financing solutions for Africa’s infrastructure transformation.”

The gathering attracted Rwanda’s Minister of Infrastructure, Dr. Ernest Nsabimana, Regional Director of East Africa, International Finance Corporation of the World Bank Group, Jumoke Jagun-Dokunmu, Secretary-General of AfCTA, Wamkele Mene and Chief Executive Officer, Equity Bank, Dr. James Mwangi.

He disclosed that the aim of WOFA’s proprietary programme, ‘Infrastructure As An Asset or Service (IAAAS),’ is to engender a coherent “Africa’s masterplan for investment grade ‘agile infra’ that galvanises long-term capital flows to infrastructure projects across Africa.”

Haruna said the IAAAS, which is a transnational initiative, would also be used to conceptualise and implement transformational infrastructural projects that are economically viable.