African Development Fund to be launched on Saturday

Accra, June 29, GNA - A Pan-African Infrastructure Development Fund (PAIDF) would be launched on Saturday at the ongoing African Union Summit, Professor Wiseman Nkuhlu, Chairperson of the Fund, announced on Friday.

The fund, he said, had seed money of 625 million dollars and was aiming at attaining at least one billion dollars by the end of the year. Professor Nkuhlu said South Africa, the African Development Bank and Ghana through the Social Security and National Insurance Trust (SSNIT), had already contributed to the Fund, which would be used mainly for infrastructure development, energy needs and promotion of science and technology across the continent.

He said other countries in Africa had expressed interest in contributing to the fund, but were unable to because their legislations did not give way for the release of funds without parliamentary approval.

Professor Nkuhlu, who is one of the brains behind the institution of NEPAD, called for the amendment of pension laws across the continent so that countries would be able to contribute to the fund. He said Africa had the potential to become a big investment destination by 2050, because by that time its population would be more that China's adding that it was for this reason that Africa needed to be strategic in its developmental agenda. "We need to focus on how to use the vast resources at out disposal to turn the continent round to become the desired place of choice for investors and people looking for potential markets for the goods," he said.

Professor Nkuhlu said the focus of governments now should be the pace of development taking place in their respective countries. Mr Brain Kagoro, Pan Africa Director, Action AID International, said Africans needed to rejoice at their successes which had become the envy of some developed nations.

Citing the election of an African Woman President, he said this kind of event had eluded the United States of America, a leader in democratic governance issues.

"There is hope for Africa, because for some time now there has been significant economic progress across the continent, with conflicts reducing considerably," Mr Kagoro said. He said unless the continent's leaders invested in the people there could not be progress.