Towards an African Cities Development Fund

Africa currently has three cities with more than 10 million inhabitants (Cairo 17.7 million, Lagos 13.12 million, and Kinshasa 11.58 million); 4 cities where the population is between 5 and 10 million inhabitants; 49 cities with a population of 1 to 5 million; 53 cities with between 500,000 and 1 million inhabitants; and 85 cities counting a population between 300,000 and 500,000 inhabitants. These cities produce about 60% of the African GDP and host a growing middle class that should equal that of China in 2020. The economic weight of this middle class is currently valued at USD 700 billion and is expected to reach USD 1 700 billion by 2030.

Experts estimate the annual added value of cities in Africa at around USD 51 billion, and their annual debt capacity at USD 8 billion. The annual turnover of the 200 main banks operating on the continent is valued at more than USD 1 000 billion, and their annual net income at about USD 45 billion. In other words, African cities are now operating in an environment characterized by growing and increasingly mature financial markets