Africa50 Gears for infrastructural projects across Africa
Africa50 is a catalyst that plays a critical role as private investment is key to meeting our objective to equip African countries with sustainable infrastructure.Image: Leon Lestrade. African News Agency/ANA.
SIYABONGA SITHOLE
While Banyana Banyana were celebrating becoming champions of Africa after winning Women's African Cup of Nations in Morocco this weekend, African leaders and shareholders from Africa50 were concluding mammoth infrastructure investment projects to revive and develop infrastructure across the continent.
African Development Group and president and Chair of Africa50 board of directors, Dr Akinlumi Adesina, highlighted the crucial role Africa50 is playing in bridging infrastructural gap in Africa.
Adesina told delegates gathered for the shareholders' meeting that Africa50 had invested over $5 billion (about R84.3 billion) in 16 private sector-focused investment projects in the past six years.
"Africa50 is a first-rate institution that is pushing the fro tiers of development on infrastructure in the African continent, preparing projects and taking them to commercial viability and financing them," Adesina said.
The CEO of Africa50, Alain Ebobisse, said Africa50 is a catalyst for change and development within the continent of Africa.
"Africa50 is a catalyst that plays a critical role as private investment is key to meeting our objective to equip African countries with sustainable infrastructure," Ebobisse said.
The gathering was also attended by the Moroccan minister of economy and finance, Nadia Fettah Alaoui, who remarked that the meeting was taking place at a time when the Covid-19pandemic had exposed Africa's vulnerability adding that her country had outlined its strategy to recover from the impact of the pandemic.
"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," she said.
The gathering ended with the adoption of a memorandum of understanding which resolved that the African Development Bank, Africa50 and African Sovereign Investors Forum chaired by Morocco's Investment Fund Ithmar Capital collaborate on the development of green climate resilient infrastructural projects across the continent.