The African Development Bank (AfDB) has announced that Southern African countries require approximately $55 billion in development financing each year to implement key projects, including infrastructure, energy, industrialisation, climate adaptation, and job creation.
According to the report, economic growth alone is not sufficient to meet the region’s development needs, as international aid continues to decline while debt-servicing costs and global economic pressures become more challenging.
The AfDB has urged African countries to make better use of their domestic resources, including pension funds, insurance assets, and private-sector investment, in order to reduce dependence on external financing and accelerate the continent’s long-term development.
