Africa needs $480b for infrastructural development – Jacob Zuma

South African president Mr Jacob Zuma says Africa will need an amount of $480 billion to develop its infrastructure in the next ten years.

In a speech he delivered at the Third BRICS meeting in Sanya in China on April 14, 2011, President Zuma told leaders that the African continent is ready for large scale investments, particularly in infrastructure and manufacturing.

“Over the next ten years, Africa will need $480 billion for infrastructure development which should interest the BRICS business communities”, Zuma said.

BRICS is a grouping acronym that refers to the world’s five biggest emerging economies. The countries are Brazil, Russia, India, China and South Africa.

According to President Zuma, Africa is projected as the third fastest growing economy in the world and BRICS constitutes the largest trading partners of Africa and largest new investors.

“This economic relationship will be further strengthened as Africa forges ahead towards regional economic integration. This move will open up opportunities for more foreign direct investment and expanding trade relations with BRICS countries”, he stated.

The Sky News reports that the group, which has highlighted a shift in power away from the US and Europe accounts for 45% of the world’s economic growth between them.

By Ekow Quandzie