The general meeting of shareholders of Africa50 in Morocco launches…
It is a premier institution, pushing the frontiers of infrastructure development in Africa, preparing projects, bringing them to commercial viability and financing them.
MARRAKECH, Morocco: African Development Bank Group (President and Chairman of the Board of Directors of Africa50 (), Dr. Akinwumi Adesina highlighted the crucial role that Africa50 plays in helping to close the infrastructure financing gap in Africa .
Adesina was speaking at the opening session of Africa50’s general shareholders’ meeting in Marrakech on Tuesday. He told delegates that Africa50 had invested $5 billion in 16 private sector-focused investments over six years.
Adesina said, “I am proud of Africa50. It is a premier institution, pushing the frontiers of infrastructure development in Africa, preparing projects, bringing them to commercial viability and financing them.
Africa50 CEO, Alain Ebobissé, said: “Africa50 is a catalyst and plays a vital role. Private investment is key to achieving our goal of equipping African countries with sustainable infrastructure.
Morocco’s Minister of Economy and Finance, Nadia Fettah Alaoui, said Africa50’s general shareholders’ meeting was being held at a time when the Covid-19 pandemic had shown Africa’s vulnerability. She underlined the role that Morocco intends to play in the recovery.
“Morocco’s vision is to build a better future. There can only be a prosperous world with a prosperous Africa. Together we are stronger and can go further with funds like Africa50 as a catalyst for financial integration, Alaoui said.
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 through Africa. The partnership plans to mobilize significant financing from African institutional investors for sustainable infrastructure.
According to Adesina, Africa’s growth and development depends on its ability to attract massive infrastructure investment in energy, transport, ICT, healthcare, water and energy. sanitation. He added that the African Development Bank had already invested more than $44 billion in these sectors.
Adesina told delegates that much more needs to be done to meet Africa’s infrastructure needs.
“We must tap into all possible sources of funding,” he stressed. “That is why the African Development Bank helped to establish Africa50 to bring together key stakeholders including private sector investors, development finance institutions and infrastructure developers. Its project finance arm provides long-term financing, while its project development arm adds value by generating a pipeline of viable projects.
The Head of the Bank Group highlighted Africa50’s investment in the Kinshasa-Brazzaville Bridge Project and the Kigali Innovation City Digital Infrastructure Project, which will create over 50,000 jobs. Africa50 is supporting Africa’s green transition to cleaner renewable electricity from solar, thermal and hydropower in partnership with the African Development Bank and other institutions through the Green Infrastructure Alliance in Africa (the general meeting of shareholders took place on the eve of a Speaking 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.. They may be a little shy about investing in Africa, but our role is to build trust between them and African institutions, which is why we connect them with regional banks and institutions such as the African Development Bank and Africa50 I am confident that we can deliver.
Echoing Liser’s aspirations. Adesina told delegates at the Africa50 General Meeting of Shareholders, “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 a press conference, Adesina and Ebobisse briefed the media on asset recycling as a resource mobilization solution. They explained that it would help African governments to develop their respective infrastructure programs, including toll roads, power stations, airports and fiber optic networks.
Africa50 management has announced that Cabo Verde has joined the fund as a new shareholder.
About the African Development Bank Group:
The African Development Bank Group is Africa’s premier development finance institution. It comprises three distinct entities: the African Development Bank (AfDB), the African Development Fund (ADF) and the Nigeria Trust Fund (NTF). Present in 41 African countries with an external office in Japan, the Bank contributes to the economic development and social progress of its 54 regional member states.
Legal disclaimer: MENAFN provides the information “as is” without warranty of any kind. We assume no responsibility for the accuracy, content, images, videos, licensing, completeness, legality or reliability of any information in this article. If you have any complaints or copyright issues related to this article, please contact the provider above.