Indian cos look at $176 bn investment in Africa's infra development: Afcons

Indian infrastructure firms are looking at an annual investment of USD 130-176 billion in Africa for infrastructure development, Afcons Managing Director S Paramasivan said on Wednesday.

Addressing the 18th CII-EXIM Bank Conclave on India-Africa Growth Partnership, Paramasivan pointed out that there is a funding deficit to the tune of USD 60-160 billion on infrastructure development in Africa, and there is scope for further investment in multiple areas.

"Most of us failed to notice, last one decade practically Africa had consistently had an investment of an average of USD 80 billion per year, which I rate as very very significant," he noted.

He pointed out that nearly 47 per cent of investments in infrastructure happened between South and East Africa, while about 44 per cent of investments were in East and West Africa.

About eight per cent of investments were done in Central Africa, he added.

"If you look at sectoral distribution (of investments), energy comes on the top. Next com