US envoy: Africa Needs $170 Billion Annually to Develop Infrastructure, Energy

The US Special Presidential Envoy, Amos Hochstein, stressed the importance of mobilizing financial resources and partnerships for the development of infrastructure and the transition towards clean and renewable energy in Africa.

Speaking at the "Building a Sustainable Future: Partnership for Infrastructure Financing and Energy Transition" session within the US-Africa Business Forum, the US envoy said that the African continent needs $170 billion annually to invest in the infrastructure and energy sectors, a goal that is still far away

The US envoy called for mobilizing more government and private funds and supporting investors to go to the African continent.

He noted that US President Biden's initiative before the G7 to provide two billion dollars for investment in solar energy.

For his part, Angolan President Joal Ransi stressed that his country and other African countries have begun to move towards the transition to clean and renewable energy as well as water energy through dams and solar energy, which allows for increasing the capacity to generate electricity and reducing carbon emissions.