Private sector invited to invest in cross-border infrastructure projects in Africa

Adeyinka Adeyemi, Senior Advisor, Regional Integration and Trade at the United Nations Economic Commission for Africa (ECA), assured private sector investors that reliable mechanisms have been put in place to facilitate and protect investment in Africa. cross-border projects in Africa.

"I am pleased to inform you that we now have the PIDA Model Law – an Africa-wide harmonized legal framework to facilitate private sector investment in cross-border projects on the continent," he said. said Mr. Adeyemi.

He pointed out that for so long, many investors have said that Africa is too risky for investments because of the plethora of policies, laws and regulations involved in cross-border projects, but with the model law PIDA in place, you will not have to worry anymore. that more. "

He spoke at a side event on the sidelines of the Blue Economy Conference in Nairobi to raise awareness and encourage stakeholders and investors to prioritize the Lamu Port Corridor Project. , South Sudan, Ethiopia (LAPSSET), given its "enormous economic potential".

Ethiopian Minister of Transport Dagmawit Moges emphasized that the Ethiopian government firmly believed that the investment and tourism potential of southern Ethiopia was closely linked to the LAPSSET corridor program.

She said the project "brings hope and dreams to the people of the three countries, and I would like to reaffirm Ethiopia's commitment to achieve such a noble aspiration".

Ms Moges pointed out that, in addition to the infrastructural links, LAPSSET partners have a crucial role to play in improving the economic viability of the corridor by investing in other complementary projects such as special economic zones, free trade zones and exchange and industrial parks.

In the same vein, James Macharia, cabinet secretary of the Ministry of Transport, Infrastructure, Housing and Urban Development of Kenya, noted that significant progress had been made, but that Governments had to take the initiative and invest significantly in the project in order to attract the public. private sector.

"LAPSEET went from a concept to a reality. Now, additional investments are needed. But for the private sector to enter, he must see what the government has done, "said Macharia.

Ibrah Wahabou, NEPAD, said that the construction and operation phases of the project would create significant employment opportunities in all three countries and that priority should therefore be given to its priorities. In his presentation, "PIDA Job Creation Toolkit: Maximizing LAPSSET Job Creation Potential," he presented convincingly.

For his part, Stephen Karingi, Director of Regional Integration and Trade of ECA, said that LAPSSET was supposed to play a role in the realization of the Continental Free Trade Area (AfCFTA) because "we do not can tap the potential of AfCFTA without a movement of people and goods and services, and facilitation of cross-border trade and investment.

Mr. Adeyemi of ECA assured potential investors that "your money is safe", adding that "if I personally had this money and I was not working for the UN, LAPSSET is exactly where I'm going to invest without fear."

The event, which took place on 27 November in Nairobi, was co-organized by ECA and the LAPSSET Corridor Development Authority.

Distributed by APO Group on behalf of the United Nations Economic Commission for Africa (ECA).