4 days ago
Ramaphosa urges investors to make capital available for water projects
President Cyril Ramaphosa has called on investors to make more of their capital available for the development of water projects on the continent as a crucial part of the solution to the region's $30bn (R525bn) a year water infrastructure investment gap.
He was speaking at the opening of the AU's first Water Investment Programme (AIP) Summit in Cape Town on Wednesday morning, which also formed part of South Africa's activities as president of the G20.
Thirty-eight water ministers from around the continent and leaders from other parts of the world, including the United Arab Emirates and Saudi Arabia, are attending.
'Water investment must no longer be an afterthought at climate and finance discussions. It must be at the centre of discussions. It must be financed, tracked and championed. Let us leave this summit with deals, pipelines, partnerships and a permanent global mechanism to sustain the momentum.'
According to the African Development Bank, the continent faces immense backlogs and gaps in the development of water infrastructure which will require $30bn in infrastructure investment annually to close, which many countries in the region do not have.
