VP Quaynor emphasizes crucial role of public-private partnerships for African development - ITREALMS

ITREALMS ... making leadership SENSE with digital news!

African Development Bank Group Vice President for Private Sector, Infrastructure, and Industrialization, Solomon Quaynor, recently concluded a two-day visit to South Korea, with emphasized on the crucial role of public-private partnerships (PPPs) in advancing African infrastructure development.

During his September 9-10 visit, Quaynor delivered a keynote address at the Global Infrastructure Cooperation Conference (GICC) and engaged with leaders from Korean government agencies and the private sector. He encouraged them to explore the vast investment opportunities in Africa and highlighted the upcoming Africa Investment Forum, set to take place in Rabat, Morocco, from December 4-6.

“One key impediment to scaling up PPPs and private sector investment is the substantial perception of risk,” Quaynor told GICC participants. “However, Africa has emerged as a top performer in the infrastructure sector, particularly concerning PPPs,” he added, citing Moody’s Analytics ranking of continent's in a 10-year retrospective analysis of default rates.

The GICC, hosted by Korea's Ministry of Land, Infrastructure, and Transport and supported by the Ministry of Foreign Affairs, was organized by the International Contractors Association of Korea. It seeks to boost overseas contracts for Korean companies and foster partnerships with global financial institutions in infrastructure development. Quaynor was accompanied by the Bank’s Asia External Representation Office staff members.

Quaynor said Korea is among the top six non-African countries supporting the development of sustainable and resilient infrastructure in Africa through African Development Bank Group funded sovereign projects. He noted that some 69 priority regional and continental projects, recently approved by the Program for Infrastructure Development in Africa, with an estimated value of $160 billion across transport, energy, ICT, and water sectors, present significant opportunities for Korean infrastructure contractors through 2030.

The African Development Bank Group’s delegation met with Kwang-hyo Ko, Commissioner of the Korea Customs Service (KCS), where both parties signed an Aide Memoire on customs reform and modernization, initially agreed upon in July 2024. The meeting included a visit to the Incheon Airport Customs Express Logistics Center and discussions with the Customs Uni-Pass International Agency and the Korea Customs and Trade Development Institute.