Republic of Cabo Verde becomes Africa50’s 32nd shareholder
Casablanca, 21 July 2022 - Africa50, the pan-African infrastructure investment platform, has welcomed the Republic of Cabo Verde as its newest Shareholder country.
Africa50 now has 32 Shareholders, comprised of 29 African countries, the African Development Bank, the Central Bank of West African States (BCEAO), and Bank Al-Maghrib.
Dr Akinwumi Adesina, Chairman of the Africa50 Board of Directors said, “Cabo Verde’s shareholding represents significant support to our organization in our mandate to bridge Africa’s infrastructure development and financing gap. The catalytic role of infrastructure as a driver of socio-economic development has never been stronger and partnerships with our Shareholders, including Cabo Verde, are critical to improving the quality of life of our people and ensuring a resilient and sustainable economic recovery”.
Within 5 years of operations, Africa50 has made 15 investments, with an aggregate value of US$5 billion. In the energy sector alone, over 17 million people are accessing reliable and cleaner electricity as a result of projects financed by Africa50, and an additional 10 million will have access once key projects in Cameroon and Senegal come on stream. In addition to its investments in energy, Africa50’s diverse portfolio of investments includes exposure to sectors such as transport, logistics and ICT.
CEO, Alain Ebobissé remarked, “Cabo Verde’s shareholding further demonstrates the critical role of Africa50 to African countries and infrastructure in Africa in general. More importantly, it provides us with additional capital to fulfil our mandate. The infrastructure needs of the continent are significant and we need to scale up and speed up projects to accelerate Africa’s recovery from the effects of the pandemic. Additionally, we need to help mitigate against the devastating impact of climate change, and help Africa weather the recent global, food and energy crisis.
With the United Republic of Tanzania looking to accelerate the implementation of its priority infrastructure program, it has advanced its discussions with Africa50, one of Africa’s leading infrastructure investors to become its 33rd shareholder”.
Africa50’s General Shareholders Meeting brought together Ministers of Finance and other senior government officials representing Africa50’s Shareholder countries, heads of institutions, the diplomatic corps, and distinguished business leaders from Morocco, Africa, and globally. Ms. Nadia Fettah Alaoui, Minister of Economy and Finance of the Kingdom of Morocco co-chaired the event with Dr. Akinwumi Adesina, Chairman of the Africa50 Board of Directors and President of the African Development Bank
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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. Bringing project development and financing together in one platform, we seek to provide support at every stage of the project cycle, through three investment vehicles:
Africa50 - Project Development: is dedicated to increasing the number of bankable infrastructure projects in Africa. It provides early-stage equity funding and project development and structuring capabilities and engages with stakeholders during the development phase to accelerate the process to financial close.
Africa50 - Project Finance: takes minority stakes in projects and invests equity and quasi-equity alongside strategic partners, with equity ticket sizes of below US$40 million, as well as in growth capital transactions.
Africa50 Infrastructure Acceleration Fund (IAF): the IAF is a recently launched private equity infrastructure fund that will take majority and minority stakes and invest equity and quasi-equity in operational businesses. It aims to catalyze further investment into African infrastructure by raising capital from African and global institutional investors.
For more information, visit www.africa50.com.
Media Contact:
Nana Boakye-Yiadom, Senior Communications Coordinator,
Category: Press Release