Megaprojects across Africa had a total value of $326 billion in 2014 — an increase of 46% on the previous year.
When the new, expanded Suez Canal was inaugurated on August 6, the world marveled at the endeavor and single-mindedness that had born — and bored — 72 kilometers of new waterways through the Egyptian earth.
The $8 billion project was initially scheduled to take three years, but was completed in one. Three quarters of the world’s dredgers and 41,000 workers, operating around the clock, moved half a trillion cubic meters of earth by June this year — the equivalent of 200 Great Pyramids — meaning the canal will raise $13 billion annually by 2023 according to government projections.
But whilst the numbers are mind-boggling, they’re a drop in the ocean when it comes to major construction projects across Africa.
A report by Deloitte projected that in 2014 the value of major construction projects on the continent totaled over $326 billion — an increase of 46% on the previous year.
Covering energy and power, transport, mining, water, oil and gas, real estate, health care, manufacturing and technology, media and telecommunications, the report outlines “megaprojects” with an average value of $1.27 billion (up from $689 million) — all key drivers behind an African economy projected to grow 5.7% in 2015.
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