El Alamein:Angolan President Joo Louren§o, addressing the 8th Biannual Coordination Meeting in Egypt, called for increased mobilization of domestic capital to support Africa's development goals. He stressed the continent's need to reduce dependency on external funding to fulfill its ambitions.
According to Angola Press News Agency, Louren§o presented a report on AUDA-NEPAD's regional integration efforts, highlighting the Luanda Summit's success in securing USD 43.9 billion for regional infrastructure projects. He noted African financial institutions' growing contributions, with the Alliance of African Multilateral Financial Institutions committing USD 1.5 billion, and the Infrastructure Guarantee Platform aiming for USD 10 billion by 2030 to boost private sector involvement.
Louren§o underscored additional funding commitments, including USD 500 million from CATA Energy and a USD 1 billion facility from the Trade and Development Bank and the Angolan Sovereign Fund. He mentioned the significant mobilization of over USD 54 billion from pension fund assets through the 'AUDA-NEPAD 5 per cent Agenda'.
The report also focused on transforming the African Continental Free Trade Area into economic opportunities, with AUDA-NEPAD coordinating over 300 regional projects valued at around USD 500 billion. Louren§o emphasized the importance of initiatives in education, skills, health, and empowerment, particularly noting the Skills for Africa Initiative, which implements projects across eight countries to bridge the skills gap.
He highlighted the launch of the 'Creating Opportunities for Young People and Women in Africa' project, and the establishment of the Africa Technical and Vocational Education and Training Regulators Conference, aimed at enhancing training systems and cross-border qualification recognition.
Louren§o concluded by stressing that creating opportunities for youth and equipping citizens with necessary skills are crucial for the success of Africa's integration agenda.
