African Design Magazine April 2017 | Page 2

Editor’s view Bridging the gap in Africa Africa has seen great economic growth over recent years and is expected to continue growing at an average rate of 6% annually, between 2013 and 2023 according to Ravi Kumar, Director of IDE. However, one thing that may hinder Africa’s growth prospects is its lack of infrastructure. The absence of adequate infrastructure is said to cost Africa approximately 2% points off GDP growth per year. Nearly three quarters of construction projects in Africa are simply not getting off the ground. Lack of funding is often cited as the biggest reason behind Africa’s infrastructure gap. According to the World Bank, Africa needs to spend about $93 billion annually until Gregg Cocking 2020 to bridge its infrastructure gap. As daunting as that sounds, half of this amount is already being financed by African governments, multilateral and bilateral sources of finance and official development assistance. Europe is the biggest financier in Africa, funding more than $4 billion annually to the continent. Crucially, as the second most attractive investment destination in the world, the continent has become an attractive market to private investors. Click here to read more Published by African Design Magazine (Pty) Ltd, PO Box 9802, Edenglen, Johannesburg, South Africa, 1613 Editorial Gregg Cocking T: [phone] E: [email protected] Advertising Lesley Shapiro T: [phone] E: [email protected] While precautions have been taken to ensure the accuracy of its contents and information, neither the editor, publisher, or its agents can accept responsibility for damages or injury which may arise therefrom. All rights reserved. © African Design Magazine. No part of this publication may be reproduced, stored in a retrieval system or transmitted in any form, photocopying, electronic, mechanical or otherwise without the prior written permission of the copyright owners. Download the African Design Magazine app Cover photograph: Bosjes Chapel by Adam Letch: www.adamletch.com OUR PARTNERS