Africa will need $3.4 trillion in funding for infrastructure projects in order to support the continent’s digital transformation, the chief executive officer of one of Africa’s largest banks said.
Sim Tshabalala of Standard Bank told Semafor’s Alexis Akwagyriam that “there’s no question” Africa has an infrastructure deficit that has to be dealt with before a digital transformation can take place.
“It’s going to cost us a lot,” Tshabalala said at Semafor’s ”The Next 3 Billion” event in New York Tuesday. “Our corporate and investment bankers calculate that we will need roughly $3.4 trillion in the next while to put in place the energy, the logistics, the roads, the bridges, the fiber, the towers, and so forth.”
The figure is based on Standard Bank’s internal research.