Africa needs funding for industrialization

Luanda – State Secretary for Budget and Public Investment, Aiza-Eza Silva said that Angola in particular and Africa in general have a big need for financing for their industrialization, with a view to reducing poverty and improving productivity.

Speaking at the opening of the 10th meeting of the Steering Committee of the Regional Centers for Training and Technical Assistance of the International Monetary Fund (IMF), which brings together representatives from several countries in Southern Africa, acknowledged that countries continue to face serious challenges.

The official said that challenges are related to the structural transformations that allow for job creation and poverty reduction through the reallocation of labor to traditional activities such as agriculture.

The official stressed that industrialization of Africa is essential for the creation of jobs for more than 12 million young people, who join the active population each year.

The official also said that many of these young people, see their aspirations frustrated, leading them to embark on ways that worsen their situation.

The lack of productive infrastructures and some services, such as energy, water and transport, according to the Secretary of State, continues to present itself as a barrier to the process of industrialization of the continent.

The State Secretary said that countries need the technical assistance of Afritac South, an IMF training institution focused on supporting the countries of Southern Africa in the adoption of sustainable models and good macroeconomic management practices.

Source: Angola Press News Agency