In an opening speech at the 2nd Dakar Summit on infrastructure financing, Senegalese President Macky Sall, current chairperson of the African Union (AU), called on Thursday for a review of infrastructure financing conditions in Africa, whether in terms of the volume of projects financed or in terms of the repayment period and interest rates, which should be reduced.
Macky Sall said in this regard, it is essential to discuss this point with international partners and donors regarding the mode of repayment of heavy debts such as railway infrastructure, given that African countries are usually required to repay their debts in a short period.
The Senegalese president stressed that he has always raised the issue of financing Africa’s infrastructure throughout his mandate at the head of the AU, before the G7, the G20, the United Nations and the OECD. He also called on the chairperson of the AU Commission, Moussa Faki Mahamat, and Rwandan head of state Paul Kagame, chairperson of the AU Development Agency’s steering committee, to address the issue.
He added that global financing rules hinder African countries’ access to infrastructure on sustainable terms, referring to the exaggerated perception of investment risk in Africa and the abusive ratings of some rating agencies.