Communique - Roundtable on Financing Africa's Infrastructure - Tunis, Tunisia, on 19th July 2013

TUNIS, Tunisia, July 20, 2013/African Press Organization (APO)/ -- Communique - Roundtable on Financing Africa's Infrastructure - Tunis, Tunisia, on 19th July 2013:

1. We, Dr Nkosazana Dlamini Zuma, Chairperson of the African Union Commission, Dr Carlos Lopes, Executive Secretary of the Economic Commission for Africa, Dr Donald Kaberuka, President of the African Development Bank Group convened in Tunis for our regular coordination sessions.

• We were joined by the Heads and senior official of the following organisations: East African Community, Common Market for Eastern and Southern Africa, Economic Community of Central African States, Economic Community of West African States, Intergovernmental Authority on Development, Arab Maghreb Union, Southern African Development Community, NEPAD Planning and Coordinating Agency

• In attendance were also the following sub regional financial institutions: Africa Finance Corporation, Bank of Central African States, West African Development Bank, ECOWAS Bank for Investment and Development, Development Bank of Southern Africa, Eastern and Southern African Trade and Development Bank

2. Recognized the milestone reached by the continent in 2013 in celebrating the 50th Anniversary of the founding of the African Union (AU)/Organization of African Unity (OAU).

3. Committed to implement the mandate from Heads of State and Government for the development of the Africa Agenda 2063, as a transformation vision for Africa over the next fifty years. Our institutions will therefore speed up the consultations on the Agenda before the AU Summit in 2014.

4. Reiterated that a rising Africa will require adequate infrastructure as a key catalyst for the continent's transformation agenda, industrial development and intra-Africa trade. We strongly support the articulation of African Development Goals which build on existing development frameworks and knowledge base.

5. We carefully reviewed the global economic situation and implication for the African economy, in particular the latest reports indicating slowdown in the emerging markets.

6. We deliberated on measures needed to keep the momentum and quality of growth. We observed that, up to this point, Africa's performance was still robust. However we emphasised the need to 1) rebuild economic buffers, 2) strengthen economic integration and promote policies of inclusion for sustainability.

7. We in particular noted that there was a need for a game change on infrastructure financing, one of the most important obstacles to the sustainability. We agreed that overcoming this bottleneck urgently was capital. To this extent we welcomed and endorsed the proposed Africa 50 Fund as proposed by the African Development Bank, a vehicle for the mobilisation of private capital, Africa's own savings to finance transformational bankable projects.

8. In the context of the African Visions for the next fifty years (Africa 2063) which our institutions are piloting, we concluded that this was an excellent vehicle which requires all of our support.

9. Noting the very large gap in financing of projects that require public finances, we agreed to work together to explore all options in line with our ambitions. We requested the African Development Bank to conclude the technical work for submission to NEPAD Implementation Committee for the Heads of States Summit in Dakar 2014.

10. We agreed, each one of us, in our respective mandate to play our part. Going forward, the African Union Commission will provide leadership on the regional and international advocacy, with strong engagement of African Heads of State and Government. The NEPAD Planning and Coordinating Agency will maintain the momentum including around the Africa 50 Fund, through the November 2013 Financing for Development Conference in Dakar. The Economic Commission for Africa will contribute in enhancing the capacity of member states and regional economic communities to undertake studies for transformational projects, as well as monitor and evaluate their implementation. On their part, the regional economic communities will collaborate on necessary financial, policy and regulatory actions to enable the development of the regional transformational projects. The African Development Bank as the premier development financial institution for Africa, using all its expertise, to create the structure of the Africa 50 Fund, while the regional development financial institutions will serve as relays for the Fund at sub-regional level, and the mobilization of additional resources.

11. We have agreed to deepen the coordination of the three institutions and to reconvene before the end of the year at a date and place to be agreed upon.

12. We thank the African Development Bank for its hospitality.

On this day, 19 July 2013, in Tunis, Tunisia.

Distributed by the African Press Organization on behalf of the African Development Bank (AfDB).