Categories: NewsWorld

Temasek, African Union eye plan for 123 new cities in Africa

THE African Union and a unit of Temasek Holdings Pte Ltd are considering backing a plan to develop as many as 123 new cities across Africa. 

The plan, developed by Cape Town-based Africa123, envisages the construction of the cities over the next two decades at a cost of as much as US$150 billion (RM690/97 billion). The aim is to meet a continent-wide housing deficit, with the World Bank predicting that 216 million people in Sub-Saharan Africa will live in shanty towns by 2063. 

Under the plan, Africa123 plans to incorporate designs that include sustainable energy and water supplies, as well as transport, education and health infrastructure, and employment opportunities. The African Union Development Agency (AUDA) is in talks to develop a pilot project with the company and the programmes will include the provision of home loans through arrangements with financiers. 

“We like the programme,” said Kossi Toulassi, head of industrialisation at the AUDA, in an interview. It’s “bringing together education, health and employment together under one shop”, he said. 

Africa123 is proposing building new, better-planned cities to provide housing and other amenities, starting with three settlements in Ghana. Land for those has been secured and the plan is to build 800,000 residential units to house three million people. 

“We are assisting with funding applications” for the projects, said John Anderson, the COO for the Africa division of SMEC Holdings Ltd. “We support the concept of sustainable cities” and could back future projects under the programme, he said. 

SMEC is a global infrastructure advisory firm that’s owned by a unit of Singapore’s Temasek, which has a roughly US$300 billion portfolio. — Bloomberg 

  • This article first appeared in The Malaysian Reserve weekly print edition

Recent Posts

Another 6,000 medical officers to be appointed to permanent posts in 2024-2025

KUALA LUMPUR — The government will be appointing another 6,000 medical officers to permanent positions…

13 mins ago

PM Anwar meets with Grab founder, briefed on GX Bank’s RM1.5b investment plan

KUALA LUMPUR — Prime Minister Datuk Seri Anwar Ibrahim received a courtesy visit from the…

19 mins ago

Al Hassan Ghazi Ibrahim Shaker Co. delivers exceptional FY23 performance, achieving a 99.28% YoY increase in net profit to reach SAR 65.43 million

RIYADH, Saudi Arabia, Feb. 28, 2024 /PRNewswire/ -- Al Hassan Ghazi Ibrahim Shaker Co. ("Shaker",…

29 mins ago


Solid Q4 2023 performance with revenues of $205.0 million, up 10% YoY, adjusted EBITDA of…

38 mins ago

Global Dermatological Drugs Market Set to Surpass US$30 Billion with Advanced Nanotechnology and Aging Population Fostering Growth

DUBLIN, Feb. 28, 2024 /PRNewswire/ -- The "Dermatological Drugs Market Report 2024-2034" has been added…

38 mins ago

World’s First C919 jet owned by China Eastern Airlines completes first overseas debut

SHANGHAI, Feb. 28, 2024 /PRNewswire/ -- The world's first C919 aircraft, with the registration number…

40 mins ago