By Mark Longyen
The Economic Community of West African States (ECOWAS) says it requires about 5.2 billion dollars to address infrastructure deficit and achieve its core objectives of driving the subregion’s economic growth.
Mr Sediko Douka, ECOWAS Commissioner for Infrastructure, Energy and Digitalisation, made this known while addressing a newsmen in Abuja on Thursday.
He said that in order to curb these challenges, the subregion’s leaders had earlier approved the creation of an ECOWAS fund for the development and financing of the transport and energy sectors (FODETE).
Douka explained that the fund was dedicated to financing regional infrastructure, particularly in the transport and energy sectors, and financed by taxing member states’ main export resources like agriculture, oil and gas as well as natural minerals.
He described FODETE as a viable funding mechanism, which was expected to generate more than 350 million dollars annually, and would continue to grow over a…
Source: News Agency of Nigeria
