The Head of State delivered the remarks as he attended the second ‘Dakar Financing Summit for Africa’s Infrastructure Development’ held in Senegal.
Kagame also serves as the Chairperson of the African Union Development Agency (AUDA-NEPAD) Heads of State and Government Orientation Committee to help lead implementation of Agenda 2063 on behalf of the African Union (AU).
Agenda 2063 is the blueprint and master plan for transforming Africa into the global powerhouse of the future.
Kagame said that a good progress has been made over the years even though ‘Africa’s infrastructure gap remains significant’.
“To close this gap for good, mobilizing domestic resources is very critical. This is why in 2017, AUDA-NEPAD launched the 5% agenda on increasing institutional investment in Africa’s infrastructure,” he said.
The president observed that having inclusive, reliable and sustainable infrastructure would reduce the cost of doing business, boost regional trade and become more resilient against future shocks.
He further stressed that increasing infrastructures is part of a wider vision as outlined in the agenda 2063 to build a more secure and prosperous Africa.
“Let us seize this momentum to make faster progress towards our shared goals,” noted Kagame.
Through AUDA-NEPAD, the African continent has set out goals to increase electricity and water infrastructures by 2040.
The continent also seeks to overhaul the transport sector by building infrastructures including roads, railways, boosting maritime and air transport to connect all parts of the continent.
Boosting technological infrastructures is also being considered under this vision.
These priorities are expected to be achieved through the Programme for Infrastructure Development in Africa (PIDA) initiated in 2010 in Kampala, the capital of Uganda to assist AUDA-NEPAD member countries fast track projects of high social impact.
The first meeting under this programme was held in 2014 in Dakar. At the time, it was agreed to fast track the implementation of 16 priority projects.
The meeting also led to the establishment of Africa50 by African governments and the African Development Bank to help bridge Africa’s infrastructure funding gap by facilitating project development, mobilizing public and private sector finance, and investing in infrastructure on the continent.
Africa50 focuses on medium- to large-scale projects that have a significant development impact and that provide an appropriate risk-adjusted return to investors.
Kigali Innovation City aimed at making Rwanda, an ICT hub in Africa is among projects being implemented through this programme.