The African Union (AU) wants to tap into member countries’ sovereign wealth funds to finance much-needed transport and power infrastructure to boost growth and offset rising national debts.
It says it is needed to capitalise on a new, continental free-trade agreement to get goods and services flowing around the continent.
As it stands, countries struggle to fund big capital works on their own, the AU said.
The plan was revealed by Raila Odinga, the AU’s high representative for infrastructure, in an interview with Reuters.
The AU wants to collect 5% of the money held by its 55 members…