Africa50 and BOAD, the West African Development Bank, partner to develop and co-finance green infrastructure in Africa

Sharm El Sheikh, 25 May 2023 – The Chief Executive Officer of Africa50, Alain Ebobissé and the President of the West African Development Bank (BOAD), Serge Ekué, announced today a partnership to work together to mobilize institutional investor capital into African infrastructure, and to identify projects to co-finance.

As part of this partnership, the two entities renewed their commitment to collaborate for the financing and development of bankable projects, including climate-resilient infrastructure, to support sustainable growth and the transition of African countries towards Net-Zero.

The announcement was made on the sidelines of the African Development Bank Group Annual Meetings in Egypt, themed ‘Mobilizing Private Sector Financing for Climate and Green Growth in Africa'. In addition, this collaboration is aimed at helping bridge the large infrastructure financing gap in Africa, through the delivery of timely and efficient financing to meet the continents’ growing development needs.

On the occasion of the announcement, Alain Ebobissé, CEO, Africa50 said, “Africa50 is pleased to join forces with BOAD to drive transformative projects in Africa. This is the kind of African-led collaboration that is critical to accelerate inclusive growth, regional integration, and climate-resilient infrastructure development. We are pleased to contribute with our extensive expertise in project development and financing, to catalyze more funding from the private sector and institutional investors in Africa and globally. Together, we will help scale up and speed up projects that will provide new opportunities for African people”.

Africa50 and BOAD will work to identify a pipeline of projects that they would consider for financing and collaborate in the implementation of the Alliance for Green Infrastructure in Africa (AGIA) – an initiative to develop a pipeline of climate-resilient green infrastructure, which was launched at COP27 by the African Union, the African Development Bank, and Africa50 together with global partners.

Serge Ekué, President, West African Development Bank (BOAD) commented, “Access to energy remains crucial to the inclusive and sustainable development of the WAEMU region. Indeed, nearly half of the African population (48%) lacks access to power. Therefore, the strategic partnership between BOAD and Africa50 will pave the way for innovative and transformative projects, through the financing of green infrastructure, across the region”.

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Find more photos of the announcement here - https://we.tl/t-45pUpKUYyY.

 

About Africa50:

Africa50 is an infrastructure investment platform that contributes to Africa's growth by developing and investing in bankable projects, catalyzing public sector capital, and mobilizing private sector funding, with differentiated financial returns and impact. Africa50 currently has 34 shareholders, comprised of 31 African countries, the African Development Bank, the Central Bank of West African States (BCEAO), and Bank Al-Maghrib. For more information, visit: www.africa50.com.

About the West African Development Bank (BOAD)

The West African Development Bank (BOAD) is the development finance institution of the member countries of the West African Economic and Monetary Union (WAEMU). It is an international public institution whose purpose, as provided under Article 2 of its Articles of Association, is to promote the balanced development of its member countries and foster economic integration within West Africa by financing priority development projects. It is accredited to the three climate finance facilities (GEF, AF, GCF). Since 2009, BOAD sits as an observer at the UNFCCC and actively participates in discussions on devising an international climate finance system. Since January 2013, it has been home to the first Regional Collaboration Centre (RCC) on Clean Development Mechanism (CDM), whose aim is to provide direct support to governments, NGOs and the private sector in identifying and developing CDM projects. The Bank is an active member of the International Development Finance Club (IDFC) bringing together 26 national, regional and bilateral development banks from around the world.

Media Contact:

Africa50: Nana Boakye-Yiadom, Senior Communications Coordinator, Tel: +212666166308, n.boakyeyiadom@africa50.com

BOAD: Communication and Public Relations Department Tel: + 228 22 23 25 65 / WhatsApp: +228 99 99 32 15 Fax: + 228 22 23 24 38

Email : boadsiege@boad.org

 

Category: Press Release