Akinwumi Adesina, Chairman of the African Development Bank Group and of the Board of Directors of Africa50 has repeatedly emphasized the crucial role of Africa50 in bridging the infrastructure financing gap in Africa.
It was during the opening session of the general meeting of shareholders of Africa50 in Marrakech, Tuesday July 19, 2022. And Mr. Adesina to indicate that in six years of existence, Africa50 had injected 5 billion dollars in sixteen private sector-oriented investments.
“I am proud of Africa50, he said. It is a leading institution, pushing the frontiers of infrastructure development in Africa, preparing projects, bringing them to commercial viability and financing them. »
“Africa50 is a catalyst and plays an essential role,” insisted Alain Ebobissé, CEO of Africa50. Private investment is key to achieving our goal of providing African countries with sustainable infrastructure. »
Emphasizing that Africa50’s general shareholders’ meeting was being held at a time when the Covid-19 pandemic had revealed Africa’s vulnerability, Nadia Fettah Alaoui, Morocco’s Minister of Economy and Finance, indicated that Morocco intends play a role in recovery.
“Morocco’s vision is to build a better future. There can be no prosperous world without a prosperous Africa. Together we are stronger and we can go further with funds such as Africa50 as a catalyst for financial integration,” added Ms. Alaoui.
The African Development Bank, Africa50 and the African Sovereign Investors Forum — chaired by Moroccan strategic investment fund Ithmar Capital — have signed a memorandum of understanding to collaborate on the development of green and climate-resilient infrastructure projects in all of Africa. This partnership aims to mobilize significant financing from African institutional investors for sustainable infrastructure projects.
According to Akinwumi Adesina, Africa’s growth and development depends on its ability to attract massive investments towards infrastructure in energy, transport, ICT, healthcare, water and sanitation. Sectors in which the African Development Bank had already invested more than 44 billion dollars, he said.
But to add, addressing the shareholders gathered in the AGM, that much remains to be done to meet Africa’s infrastructure needs.
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“We need to tap into all possible sources of funding,” he said. This is why the African Development Bank helped to create Africa50, to bring together key stakeholders, including private sector investors, development finance institutions and infrastructure developers. Its project finance window provides long-term finance, while its project development window adds value by generating a pipeline of viable projects. »
The Bank Group President spoke about Africa50’s investment in the Kinshasa-Brazzaville Bridge Project and the Kigali Innovation City Digital Infrastructure Project, which will generate more than 50,000 jobs. Africa50 supports Africa’s green transition to cleaner renewable electricity from solar, thermal and hydropower, in partnership with the African Development Bank and other institutions, as part of the Alliance for Green Infrastructure in Africa.
The Africa50 General Meeting of Shareholders was held on the eve of a four-day US-Africa Business Summit in Morocco.
Present in Marrakech, the President of the US Corporate Council on Africa, Florizelle Liser, stressed the importance of the commitment of American investors on the African continent. “International investors weigh 100 trillion dollars, but 45% of this total comes from American investors,” she said. They may be a little hesitant about investing in Africa, but our role is to build trust between them and African institutions. That’s why we connect them with regional banks and institutions such as the African Development Bank and Africa50. I am convinced that together we can achieve our goals. »
Akinwumi Adesina agreed: “We invest in Africa because we believe in Africa, and because our people deserve a better life. With its vast natural and human resources, Africa abounds with investment opportunities, with huge returns. Africa’s future is bright. »
During the press conference they gave together at the closing of the Africa50 GA, Akinwumi Adesina and Alain Ebobissé presented the principle of asset recycling as a resource mobilization solution. And to explain that this would help African governments to develop their respective infrastructure programs – toll roads, power stations, airports and fiber optic networks in particular.
The management of Africa50 has announced that a new shareholder, in this case Cabo Verde, has joined the fund
