Britain’s Indian origin Cabinet minister Alok Sharma on Wednesday embarked on a new commission with an aim to bring together most significant experts to “turbo-charge” quality infrastructure projects in developing countries.
The international development secretary said the new International Development Infrastructure Commission will be to help make an investment in infrastructure in developing countries more attractive to businesses and investors.
Consisting of the international business leaders from the UK, Africa, and Asia, the commission will bring the very best of British expertise and will make recommendations to improve the planning, delivery and financing of infrastructure projects.
“This commission will aim to turbo-charge investment in green, sustainable infrastructure, leading to more jobs, better access to basic services and opportunities for businesses, creating the UK’s future trading partners,” said Sharma.
“An extra USD 2.5 trillion is needed every year to end poverty in developing countries and the UK must mobilize private sector investment to overcome this challenge. Alongside the lifesaving work of UK aid, we need to boost infrastructure projects that form the backbone of economic growth,” the India-born minister said.
During his visit to Ethiopia in Africa this week, Sharma called for the UK to lead the world to mobilize private sector investment to create jobs and build sustainable economic growth that will lift millions out of poverty.
“Africa is the world’s second-fastest-growing region but currently 600 million Africans do not have access to electricity,” the UK’s Department for International Development (DfID)said.
The group of international leaders devised in International Development Infrastructure Commission will advise Sharma on how to increase the UK’s role in developing and financing infrastructure that promotes inclusive growth, while meeting the Paris Climate Commitments. It will hold forth to key gaps in the global support for infrastructure planning, financing, and delivery to support higher impact, lower carbon international infrastructure.
“This will help create a greener, cleaner world,” DfID said.
Alok Sharma also announced extra aid from the UK specifically for Ethiopia as it builds more sustainable infrastructure, helping cities to grow in a green way and providing affordable clean energy.
During Sharma’s visit to Ethiopia, one of Africa’s fastest-growing economies, ahead of the UK-Africa Investment Summit in 2020, he met with British investors and the Ethiopian authorities to talk about the opportunities and challenges of working in a developing economy.
The UK-Africa Investment Summit will be held in London to build on future opportunities for trade between the UK and African businesses.
As part of the latest offer of support for infrastructure in Ethiopia, Sharma announced the new allocation of GBP 10 million that will help city economies to turn more productive, deliver access to renewable power for businesses and households and strengthen investment in key infrastructure.
