The law is expected to be adopted by African Heads of State at their January Summit in Addis Ababa, Ethiopia
ADDIS ABABA, Ethiopia, September 22, 2017,-/African Media Agency (AMA)/- The proposed model law on transboundary infrastructure development in Africa was under the spotlight in New York today (September 20, 2017) with Economic Commission for Africa’s Adeyinka Adeyemi saying the law will facilitate private sector investment and financing in transboundary infrastructure enterprises on the continent.
Mr. Adeyemi, Senior Advisor and Head of the Regional Integration and Infrastructure Cluster in the ECA’s Capacity Development Division (CDD), who outlined the model law at a stakeholder meeting in New York, said the statute will also ensure transparency, efficiency, accountability and sustainability of such projects.
He added the law will also harmonise cross-border regulation of transboundary infrastructure projects and promote intra-African trade and open domestic markets to international trade.
The proposed Programme for Infrastructure Development (PIDA) Model Law for Transboundary Infrastructure Projects in Africa provides a means of mitigating and managing perceived risks associated transboundary infrastructure development and bridges the gap between social and private benefits of such huge investments.
“The aim is to implement and accelerate the Dakar Agenda for Action, in particular, private sector investment of the Dakar Financing Summit (DFS) Projects and to promote industrialisation of the African continent through the development of transboundary infrastructure,” said Mr. Adeyemi.
Currently, he said, there are many challenges facing investment in transboundary infrastructure in Africa with the most cited being the plethora of policies, laws and regulations which inhibit private sector investment and curb its enthusiasm and specific risks differing from country to country.
Mr. Adeyemi outlined the 16 infrastructure projects for African integration as enunciated under PIDA and also shared selected articles of the model law, explaining how they will make life easier for it, easier to invest in transboundary infrastructure development in Africa.
PIDA provides the strategic framework for priority projects to transform Africa through the construction of modern infrastructure into an inter-connected and integrated continent that is competitive domestically and in the global economy.
Infrastructure development, said Mr. Adeyemi, is a key driver for progress across the African continent and a critical enabler for sustainable and socially inclusive growth.
Stakeholders who attended the meeting include representatives from UN agencies, African Capacity Building Foundation (ACBF), the Nepad agency, United Nations Global Compact, International Trade Centre and others.
The law is expected to be adopted by African Heads of State at their January Summit in Addis Ababa, Ethiopia. Mr. Adeyemi said his team is happy with the high level political support and enthusiasm for transboundary infrastructure in Africa.
Distributed by African Media Agency (AMA) on behalf of United Nations Economic Commission for Africa (UNECA).