International Development Secretary Alok Sharma announces a new Commission, bringing together leading experts to turbo-charge quality infrastructure projects in developing countries; During a visit to Ethiopia, Alok Sharma called for the UK to lead the world to mobilise private sector investment to create jobs and build sustainable economic growth that will lift millions out of poverty; Ethiopia is one of Africa’s fastest growing economies with huge potential for future trade with the UK. A new International Development Infrastructure Commission has been announced by the International Development Secretary Alok Sharma following his first visit to Ethiopia.
The Commission will be made up of UK and international business leaders, bringing the very best of British expertise, and will make recommendations to improve the planning, delivery and financing of infrastructure projects. The focus will be to help make investment in infrastructure in developing countries more attractive to businesses and investors.
Mobilising private sector funding in infrastructure is essential to help plug the annual $2.5 trillion gap that the poorest countries need to meet the Global Goals.
Africa is the world’s second fastest-growing region but currently 600 million Africans do not have access to electricity. The Commission will help facilitate private sector support to build more sustainable and resilient cities and improve access to clean energy and water.
International Development Secretary Alok Sharma said:
“An extra $2.5 trillion is needed every year to end poverty in developing countries and the UK must mobilise private sector investment to overcome this challenge.”
“Alongside the lifesaving work of UK aid, we need to boost infrastructure projects that form the backbone of economic growth.”
“This Commission will aim to turbo-charge investment in green, sustainable infrastructure, leading to more jobs, better access to basic services and opportunities for businesses, creating the UK’s future trading partners.”
Alongside mobilising private sector investment, Mr Sharma also announced extra UK aid specifically for Ethiopia as it builds more sustainable infrastructure, helping cities to grow in a green way and providing affordable clean energy.
While visiting Ethiopia, which is one of Africa’s fastest growing economies, Mr Sharma met with British investors and the Ethiopian Government to discuss the opportunities and challenges of working in a developing economy.
The visit comes ahead of the UK-Africa Investment Summit in 2020 which will look to build on future opportunities for trade between the UK and African businesses.Distributed by APO Group on behalf of Department for International Development (DFID).