The pan-African infrastructure investment platform, Africa50, announced the entry of the Republic of Cape Verde into its capital as a new shareholder country, during its General Meeting of Shareholders, organized on July 19, 2022 in Marrakech, in Morocco.
Africa50 now has 32 shareholders, including 29 African countries, the African Development Bank (AfDB), the Central Bank of West African States (BCEAO) and Bank Al-Maghrib, according to a press release.
“Cape Verde’s membership is an important support for our organization and will help us fulfill our mandate, which is to close the infrastructure development and financing gap in Africa. The catalytic role of infrastructure as a driver of socio-economic development has never been more important and partnerships with our shareholders, including Cape Verde, are essential to improve the quality of life of our people and ensure economic recovery. sustainable and resilient,” commented the Chairman of the Board of Directors of Africa50, Dr. Akinwumi Adesina.
Akinwumi AdenisaCEO of Africa50 and Alain Ebobissé, Director General of the institution
In five years of activity, Africa50 has made 15 investments, representing a cumulative project value of five billion US dollars. In the energy sector alone, more than 17 million people have access to reliable and cleaner electricity thanks to Africa50-funded projects, and an additional 10 million people will benefit when major projects in Cameroon and Senegal become operational. . In addition to its investments in the energy sector, Africa50’s diversified portfolio includes investments in sectors such as transport, logistics and ICT.
Africa50 will play its part in the development of Africa
The Africa50 Managing Director, Alain Ebobissé, said that Cape Verde’s participation once again demonstrates the essential role of Africa50 for African countries and infrastructure in Africa in general.
“Furthermore, this new addition to our shareholding provides us with additional capital to fulfill our mandate. The infrastructure needs of the continent are huge and we must increase the number of projects, while accelerating their implementation in order to enable Africa to recover more quickly from the effects of the pandemic. Furthermore, we must contribute to mitigating the devastating effects of climate change and help Africa overcome the recent global food and energy crises,” he added.
Africa50 is also in discussion with the United Republic of Tanzania to join as a shareholder country. The country intends to accelerate the implementation of its priority infrastructure program.
Africa50
It is an investment platform created by African Heads of State and the African Development Bank (AfDB), whose mandate is to develop and invest in infrastructure projects with high impact in terms of development. , through the mobilization of public and private funds, while offering an attractive return to investors.
Bringing together project development and project finance under one institution, Africa50 supports each stage of the project cycle through three investment vehicles namely “Africa50 – Project Development”, “Africa50 – Project Finance” and the Africa50 Infrastructure Acceleration Fund (IAF). This new infrastructure fund takes majority stakes and invests equity and quasi-equity in operating companies. It aims to catalyze additional investment flows into African infrastructure by raising capital from private and institutional investors.