During the Africa50 Infra Forum and General Shareholders Meeting in Lomé, Togo, last week, African Development Bank Group President Dr. Akinwumi Adesina announced that Africa50 has invested over $6.6 billion in critical infrastructure in just six years of operation.
Africa50 is an investment platform established by African governments and the African Development Bank to finance mega infrastructure projects that have significant development impact.
At the meeting, prominent African and global institutional investors signed subscription agreements and letters of intent to contribute funds to the $500 million African Infrastructure Acceleration Fund.
This fund, the first private vehicle infrastructure platform launched by Africa50, aims to attract further investment for the development of crucial infrastructure across the African continent.
Togolese President Faure Gnassingbé, who attended the event, stressed the importance of infrastructure for development, stating that without infrastructure such as roads, airports, and power networks, progress is hindered. He highlighted the need for private sector involvement and emphasized the importance of bankable projects to attract private capital.
Dr. Adesina praised Africa50 for its strategic role in closing Africa’s infrastructure financing gap, covering areas such as energy, transport, logistics, and digital infrastructure.
He emphasised the institution’s mission to help bridge the annual infrastructure financing gap of $68 to $108 billion for Africa.
Africa50 CEO Alain Ebobissé expressed readiness to address the infrastructure needs of the African continent. He highlighted Africa50’s asset recycling program, in partnership with the African Development Bank, which allows governments to monetize existing infrastructure assets and reinvest the funds in other priority projects.
Dr. Adesina also discussed the reallocation of International Monetary Fund Special Drawing Rights (SDRs) through the African Development Bank, which would provide additional funding to support regional development banks and Africa50. These resources would contribute to climate change mitigation and adaptation, agricultural infrastructure, transport, digitalization, airports, water and sanitation, education, and health.
The African Development Bank has invested heavily in Togo, supporting the country’s agricultural sector with over $32 million to promote inclusive growth and reduce the importation of key food commodities. Dr. Adesina concluded by highlighting the transformative initiative of the Africa50 Infrastructure Acceleration Fund and its potential to tap into the vast global assets under management, positioning Africa as a leader in green infrastructure.
Africa50 currently has 31 African countries as shareholders and three African institutional investors, showcasing widespread support for its efforts.