Middle East investors think Africa’s growing infrastructure project finance needs are a major opportunity, according to asset managers Signature Group.

"We believe there will be a substantial increase in the flow of funds from Middle East investors into developing areas of Africa in resources, infrastructure and related service industries," says the director of Africa  Ram Bhatia, in a report carried by Africa Investor.

The company which focuses on emerging markets sees Africa as the next frontier after successes in India.

The World Bank estimates sub-Saharan Africa needs more than $36 billion a year for infrastructure. As the world emerges from recession, international finance institutions along with private equity funds, are returning with project finance to Africa.

In a recent report, the African Development Bank saw investment resuming particularly in mining and minerals with Asian investors taking advantage. The report also noted an increase of investment from the Middle East.