NAIROBI(Xinhua) -- Kenyan President Uhuru Kenyatta on
Thursday urged African nations to tap private sector funds in order
to close the infrastructure gap.
Kenyatta told a business forum in
Nairobi that public funding is not sufficient to finance all the
infrastructure need due to competing priorities.
“One answer to the challenge ought to
be the private sector which must step up to close the
infrastructure gap,” Kenyatta said during the Africa50 General
Africa50 is an infrastructure
investment platform established by African governments and the
African Development Bank to bridge the continent’s
infrastructure funding gap.
During the meeting, Kenyatta announced
that Kenya will double its current shareholding in Africa50 to
100 million U.S. dollars against a total committed capital of
880 million dollars.
The Kenya leader said that the
increased investment in Africa50 is justified because of its
crucial role as a catalysts for development.
He noted that whereas the African
continent has made tremendous strides in economic development, a
lot more remains to be done.
He observed that political will to
fast track development exists not only in Kenya but also in the
rest of the continent.
Kenyatta added that Kenya has achieved
notable milestones in its quest to improve its physical
He observed that in the past five
years electricity access rate has increased from 20 percent to
60 percent of the population currently.