2023-05-26 09:59:54
Alain Ebobissé, Managing Director of Africa50 and Serge Ekué, President of the West African Development Bank (BOAD) announced a partnership aimed at mobilizing capital from institutional investors for African infrastructure, and identifying projects to be co-financed. It was yesterday Thursday May 25, 2023 in Sharm El-Sheikh.
Bidossessi WANOU
Through this new collaboration, Africa50 and BOAD intend to work to fill the significant infrastructure financing gap in Africa, by providing rapid and effective investments to meet the continent’s growing development needs. Thus, they renewed their commitment to collaborate for the financing and development of bankable projects, including infrastructure resilient to climate change, in order to support the sustainable growth and energy transition of African countries. This is a topical issue knowing that the Annual Meetings of the African Development Bank Group, at the end of which this decision was taken, aimed to “mobilize private sector financing for climate and green growth in Africa”. According to Serge Ekué, President of the West African Development Bank (BOAD), “Access to energy resources is one of the major challenges of the WAEMU zone, in its march towards inclusive and sustainable development. It is, in fact, almost 50%, half of the populations of our area, who do not have access to electricity”. Thus, “the BOAD-Africa50 strategic partnership offers a solution, paving the way for the financing of innovative projects, transforming Africa, and promoting the emergence of a green economy on our continent”, argued the President of BOAD. With the hope that this collaboration will provide faster access to climate finance for a sustainable Africa and world, Alain Ebobissé, Managing Director of Africa50, expressed his joy at seeing the partnership materialize. “We are happy to join forces with BOAD to carry out transformative projects in Africa. This kind of collaboration, led by Africans, is key to accelerating the continent’s inclusive growth, fostering regional integration and developing climate-resilient infrastructure. We are delighted to bring our vast expertise in terms of development and financing of projects, to catalyze more capital, with the private sector and institutional investors in Africa and in the world”, indicated the CEO of Africa50 who reassured: “Together, we will allow to increase and accelerate the realization of projects which will create new opportunities, for the African populations”. Together, the two partners in this agreement will identify projects likely to receive their support with a view to implementing the Alliance for Green Infrastructure in Africa (AGIA), which was launched at COP27 by the the African Union, the African Development Bank (AfDB) and Africa50.
Africa50 in Brief
Africa50 is an investment platform created by African Heads of State and the African Development Bank (AfDB), whose mission 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. To date, Africa50 has 34 shareholders, including 31 African countries, the African Development Bank, the Bank of West African States (BCEAO) and Bank Al-Maghrib.
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