$1.8 trn Needed For Airport Infrastructure Investment -ICAO

The International Civil Aviation Organisation (ICAO) has said that the sum of 1.8 trillion dollars would be needed for global investment for airports infrastructure in the next 15 years.
The ICAO Council President, Dr. Olumuyiwa Aliu, who disclosed this in a statement through the Public Affairs Unit of the Federal Airports Authority of Nigeria (FAAN), and made available to aviation correspondents recently, acknowledged the fact that air transport development projects are barely five percent of official development assistance , globally, and that this greatly underestimates their potential socio-economic returns.
Aliu in the statement, stressed that massive investments would be needed to address airport and air navigation infrastructure requirements globally in the near-terms and that ICAO’s global plan should be used to guard and align all state modernisation and expansion projects.
“It is estimated that the global investment needed for airport infrastructure will be 1.8 trillion dollars over the next 15 years, but we must also acknowledge that air transport development projects today is barely five per cent of official development assistance globally,” he said.
Aliu stressed the importance of states establishing transparent, stable and predictable investment climate to attract global investment and the need to accompany airport and air navigation system modernisation with new training capacities to ensure that today’s improvement will be effectively and sustainably managed over the long-term.
“The positive impacts of air transport today on nations, societies and business are numerous, as they are substantial, and in light of the forecast growth of flight traffic worldwide, aviations economic benefits and opportunities are also expected to double in magnitude in the coming decades,” he said.