The Investment platform Africa50, established by African governments and the African Development Bank to mobilise financing for mega infrastructure projects with significant development impact, is to invest a further US$500m in the continent via its first private vehicle infrastructure platform, the African Infrastructure Acceleration Fund.
In just six years of operation, Africa50 had invested more than $6.6 billion in critical infrastructure, African Development Bank Group President Dr Akinwumi Adesina said on Monday during the Africa50 Infra Forum and General Shareholders Meeting in Lomé. The investment covered 21 national and regional infrastructure projects in 22 countries.
Prominent African and global institutional investors attending the meeting signed subscription agreements and letters of intent to commit funds to cover the half billion dollars.
President Gnassingbé said: "There is a huge need for infrastructure across the continent, and this is indeed a condition for development. Without roads, bridges, airports, hospitals, schools, power, communication networks and water supply, there is indeed no possible development in Africa."
Gnassingbé said infrastructure issues lay at the heart of his country's development roadmap. He stressed that projects must be bankable to appeal to private investors.
Speaking about financial resources for Africa's development needs, Adesina said the reallocation of International Monetary Fund Special Drawing Rights through the African Development Bank would mean much more funding to support all the regional development banks in Africa as well as Africa50.
He explained that these resources would unlock additional resources to finance climate change mitigation and adaptation, infrastructure for agriculture, transport, digital, airports, water and sanitation, education, as well as health.
