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Africa50, African Development Bank and the Newly Launched African Sovereign Investors Forum Signal Strong Desire to Jointly Mobilize Capital for Infrastructure Projects

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 The African Development Bank www AfDB org Africa50 and the Africa Sovereign Investors Forum ASIF have signed a letter of intent to collaborate on the development of climate resilient and green infrastructure projects across Africa The three entities will work together to boost financing and foster the development of skills and expertise within the infrastructure sector The signing hellip
Africa50, African Development Bank and the Newly Launched African Sovereign Investors Forum Signal Strong Desire to Jointly Mobilize Capital for Infrastructure Projects

NNN: The African Development Bank (www.AfDB.org), Africa50 and the Africa Sovereign Investors Forum (ASIF), have signed a letter of intent to collaborate on the development of climate-resilient and green infrastructure projects across Africa. The three entities will work together to boost financing and foster the development of skills and expertise within the infrastructure sector.

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The signing took place on June 20, 2022 in Rabat, Morocco, during a launch event of the Africa Sovereign Investors Forum. Under the high patronage of His Majesty King Mohammed VI of the Kingdom of Morocco, 10 African sovereign investors agreed to establish the Forum. The newly formed platform will accelerate coordination to mobilize patient capital for the development of the continent.

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The signatories are Agaciro Development Fund of Rwanda (www.Agaciro.rw), Fonds Souverain of Djibouti, Fonds Gabonais d’Investissements Stratégiques (FGIS) (https://FGIS-gabon.com/fr/), Fonds Souverain d’Investissements Stratégiques (FONSIS) (www.FONSIS.org/fr) of Senegal, Fundo Soberano de Angola (FSDEA) (https://bit.ly/3xR2tmb), Infrastructure Investment Fund of Ghana (https://bit.ly /3ye8x9V) (GIIF) (https://GIIF.gov.gh/), Ithmar Capital (https://bit.ly/3ndo6s0) (Morocco), Nigeria Sovereign Investment Authority (NSIA) (https://NSIA. com.ng)/) and the Sovereign Wealth Fund of Egypt (TSFE) (https://TSFE.com/).

Africa50 CEO Alain Ebobissé signed on for his organization. African Development Bank Vice President for the Private Sector, Infrastructure and Industrialization, Solomon Quaynor, signed on behalf of the Bank, and Ithmar Capital Chief Executive Officer, Obaid Amrane, who will serve as ASIF’s inaugural President, signed on behalf of the new initiative.

Ebobissé said: “This is an important step in building strong collaboration between the right stakeholders to meet Africa’s substantial infrastructure financing needs. We must make key regional infrastructure projects attractive and bankable to both global and African private investors, and today’s signing will go a long way towards addressing the continent’s infrastructure deficit.

Therefore, it is important that we take advantage of the strength of African sovereign wealth funds on the continent, which manage significant domestic savings, to boost the growth of African economies through the development and successful implementation of strategic infrastructure”.

Quaynor said: “The African Development Bank’s partnership with ASIF and Africa50 would enable stronger collaborations in project development and co-financing, mobilization of capital to finance resilient, green and sustainable infrastructure, and identification of investment opportunities to promote infrastructure. and the industrialization of Africa.

This is a key part of the Bank’s strategy to leverage the $2 trillion in assets managed by African institutional investors, including sovereign wealth funds, pension funds and insurance companies for the infrastructure and industrialization of the continent,” he said.

Amrane said: “ASIF’s main objective is to accelerate the development of investment opportunities and mobilize patient capital. As sovereign investors, we see strong complementarities with the African Development Bank and Africa50, especially that our views are aligned regarding project preparation and capital mobilization. We are pleased to formalize today the mutual desire of ASIF, AfDB and Africa50 to collaborate together, as we have a common goal of fostering investment in climate-resilient projects, among others, in accordance with our respective mandate.”

The collaboration agreement will also seek to address project identification and preparation, a critical success factor in attracting funding to any project.

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