Africa Needs $110B Annually To Reach MDG Targets, NEPAD Official Says
Africa requires $110 billion annually to reach targets included in the U.N. Millennium Development Goals, including reducing poverty by 50% by 2015, Firmino Mucavele, CEO of the New Partnership for Africa's Development, said on Tuesday, Reuters UK reports. African governments have pledged to provide $37 billion annually to NEPAD's investment plan, and the private sector will contribute $30 billion annually, Mucavele said, adding that international donors should commit $43 billion annually. The money will be used by various sectors, including health and agriculture, in an attempt to increase the continent's annual economic growth rate from under 5% to 7%, according to Mucavele. The NEPAD investment plan is designed to ensure that Africa makes progress in curbing the spread of HIV/AIDS, reducing maternal and childhood mortality and providing universal primary education. Leaders from the group of eight industrialized nations and multilateral lenders are reviewing the plan (Esipisu, Reuters UK, 10/11).
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