African Insurance Organisation (AIO), the continent’s body of insurers, as well as stakeholders, has canvassed for increased investments in infrastructure by African countries to boost economic development.
At the ongoing 40th conference of the AIO, it was unanimously agreed that African countries must begin to develop infrastructure like roads and waterways along their economic corridors in order to boost international trade and diplomatic relations among nations in the continent to achieve sustainable economic growth.
This is because continued reliance on China and other European countries for assistance rather than developing local economies through trade and exchange would not only make the continent vulnerable to global crisis as seen in the last four years, but will continue to deepen poverty and suffering among Africans.
These were the observations of stakeholders at the ongoing 40th African Insurance Organisation (AIO) conference which started Monday at the Mariot Hotel, Cairo, Egypt.
They noted further that Africa had for a long time placed its hope on the rest of the world, entrenching high level poverty, sickness, hunger, decaying infrastructure and lack of economic development.
Hisham Qandeel, prime minister of Egypt, who declared the conference open, said one thing that critically hinders development on the African continent is lack of infrastructure, stating that even at the African Union, government of federations have identified that need to develop infrastructure along the line of economic corridors.
“We realise the importance of connecting each other now via roads, waterways to enhance trade and commerce among our nations”.
“The Egyptian government since after its revolution is working very hard to bring stability, economic empowerment, justice and development programmes that will impact on the people through quality investment in infrastructure.
Qandeel said Egypt is already working on its Nile water ways to not only create greater access for movement of ships, but open up irrigation channels and roads for trade with neighbouring countries like Khartoum and Jeba.