The future of Africa lies inside Africa, using African resources, and utilizing African markets, African Development Bank President Akinwumi Adesina has said.

"If we don't fix Africa's infrastructure financing gap, which we put at some $60-70bn a year, we will continue to take two percentage points off Africa's annual growth rates. And we cannot allow that to happen," said Adesina at the Global Infrastructure Forum in Washington.

Sharing a panel with the heads of nine other multilateral development banks (MDBs) and the chair of the G24, he said: "The funding that we in the MDBs can provide is large, but above all it is our role to leverage further funds.”

“The funds on capital markets which are available for infrastructure far exceed what we have: in Africa, we will leverage the continent's pension funds, its sovereign wealth funds and its private equity funds, which we estimate at some $520bn,” he said.

Adesina said that the core of the development challenge in Africa is the energy challenge: "With 650 million Africans without electricity, we have to light up and power Africa."

He explained how a further $12bn AfDB investment in energy over the next five years is expected to unlock an additional $40-50bn in funding from the private sector.

He pointed to the role of the Africa50 Fund in preparing bankable infrastructure projects and unlocking untapped African resources.

He called on other MDBs to follow the lead in innovating in balance sheet management, after the recent exposure exchange between the AfDB, Inter-American Development Bank (IADB) and the International Bank for Reconstruction and Development (IBRD), which has freed up some $10bn for extra infrastructure lending for the AfDB.

"It is clear that the old development model is no longer of use", said Sir Suma Chakrabarti, President of the European Bank for Reconstruction and Development. "The new development model is based on bringing in private capital."

Werner Hoyer, President of the European Investment Bank, said: "Our MDB task is 'lending and blending' - and advising". That is why MDB advisory services are important, as the quality of the projects must get better."

Adesina added: "We at the AfDB are working alongside our member governments to strengthen the capacity to examine and prepare infrastructure projects. Further, we believe that accountability and transparency in public infrastructure projects is key. Choosing the right contractors - in the right way - and giving local communities a say in the infrastructure projects that serve them."