African Development Bank outlines plans to mobilize private investors for urban development

Multilateral development banks (MDBs) are expressing their willingness to engage the private sector in financing urban projects on the African continent, Mike Salawou, Director of the Infrastructure and Urban Development Unit (PICU) at the African Development Bank Group, said at the 13th session of the World Urban Forum (WUF13) in Baku, Report informs.

"MDBs see opportunities for creative approaches to mobilizing institutional investors and private sector representatives," Salawou noted.

At the same time, he emphasized the importance of closer collaboration between partners at the earliest stages of project implementation, which will help prevent delays in the review and disbursement of financing.

He believes that the informal economy and unresolved land issues remain the main barriers to attracting financing for urban infrastructure.

"The conditions for implementing infrastructure projects vary significantly across African countries. In many countries, unresolved land ownership issues and the prevalence of the informal economy remain key constraints. The Bank recognizes these specifics and is actively supporting both national and subnational institutions, helping them overcome these barriers to accessing the necessary financing," noted Salawou.