326 billion reasons Africa is on the move

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.

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.

Other Africa megaprojects to be executed are:

- East African Railway Masterplan estimated at $35.5bn. A new railway line between Mombassa and Nairobi. The standard gauge tracks will make the transport of goods and people faster and easier and eventually intends to connect Tanzania, Kenya, Uganda, Rwanda, Burundi, South Sudan, Eithiopia and beyond.

- Kusile and Medupi Power Stations in south Africa at a cost of $20.4bn and $17bn respectively. The two power stations are amongst the costliest projects underway across the continent. Construction of  Medupi Power Station began in 2007 and is projected to generate 4,764mW when all six of its units are up and firing. Once completed the site will havae used 20,200 tons of steel - more than the world's tallest building , the Burj al Khalifa in Dubai.

- Geothermal Energy in Kenya estimated at $400m. 

- Inga Dam in the Democratic Republic of Congo estimated at $80bn.

- The Al Noor Tower in Morocco estimated at $1bn. The Al Noor Tower would be the tallest building in Africa. Financed by Middle East Development LLC and designed by French archtects Valode and Pistre, it is planned to be 114 stories of offices, apartments, a seven-star hotel and an art gallery, as wella s housing shopping arcades.

- Modderfontein Developmeht in South Africa estimated at $6.5bn. Construction time is estimated to take between 15 to 20 years. The 13million meters square development will include commercial, industrial and residential complexes, including cultural and entertainment hubs. The project is anticipated to create 200,000 jobs and cater for 100,000 residents.

- Mauritius Oil Exploration estimated at $2bn. India's Mangalore Refinery & Petrochemicals Ltd is set to explore territory.

"Energy is still going to be a big player, but we will begin to see transport and interconnectedness a lot more," says Jean-Pierre Labuschagne, Associate Director of Public-Private Partnerships at Deloitte South Africa.

Many projects such as the 500 kilometers Mbalam-Nabebea iron ore freight railway in Sudan and the Kribi Deep Sea Port, Cameroon, are overlapping multiple sectors, and long-term megaprojects such as the East African Railway Master Plan are set to further open up the continent for business.

"The energy constraints that our economies are facing is really driving home the importance of huge projects," says Labuschagne.

The way the continent is rising to the challenge is of particular interest.

"Renewable energy is coming to the fore," argues Labuschagne, and Africa is "ahead of the curve implementing renewable technologies." Last year 65% of new energy and power projects on the continent were renewable, and advances in geothermal technology in Kenya and new wind farms in Ethiopia are setting a precedent globally.

"Coal will still be a significant generator" of both energy and income, and two new large coal-fired plants in South Africa at a cost of $37.4 billion mark a significant investment, says Labuschagne.

Despite this surge, however, there are still many challenges.

A new report from the Population Reference Bureau projects Africa's population will more than double to 2.47 billion by 2050. Paired with a growing middle class and greater urbanization, there is the potential for a lack of water-based projects to become a future "crunch point for economies," according to Labuchagne. Failing to invest in adequate water and sanitation upgrades is a cause for concern, and if little is done, the issue is "going to be critical" in the long term.

CNN