UN: Africa Needs $500 Bln Annually to Achieve Sustainable Development

Assistant Secretary-General of the United Nations Mourad Wahba said that development funds in Africa are few or non-existent and the continent needs investments worth $ 500 billion for development to bring about Sustainable Development Goals (SDGs) by 2030.

Africa needs to spend $ 50 billion a year in direct investments to achieve sustainable development, in a time when external cash transfers amount to more than $ 60 billion, but the delayed financial system of the continent does not absorb these large numbers.

Wahba added on the sidelines of the Investment for Africa forum that the continent is young, promising, and changed the vision on its future to become more optimistic, noting that achieving sustainable development and financing in Africa remains one of the most important challenges facing the continent.

The Secretary-General noted in the first session of the day, which dealt with the successful development experiences of African countries that achieved comprehensive development with the participation of the private sector, that there are many models that have achieved positive results in the path of sustainable development, including Egypt.

He pointed to a significant shift in the field of enterprise development, especially renewable energy projects and small, medium sized enterprises (SMEs).

"Africa is one of the largest economies in the world, with a population expected to reach 1.7 billion by 2030, half of which is in the middle and upper middle class and the other half is below the poverty line," he said, adding that the continent's poverty profile calls for more investment and massive financing for sustainable development in Africa.

He pointed out that the economic conditions in many regions of the African continent, including desertification and drought drive young Africans to emigrate to Europe, leading to the spread of human trafficking and brain drain.

He stressed the importance of investing in renewable energy projects, which is abound in the continent, pointing out that Egypt, Algeria and Morocco has one of the largest solar power plants worldwide.

Wahba noted that investment in agriculture and food is one of the important strengths of the African continent, accounting for about 40 per cent of global investments in this area, equivalent to more than $ 12.8 billion, adding that Africa needs to adopt legal frameworks to promote investment in agriculture for sustainable development.