WEST AFRICA: BOAD and Africa50 to co-finance sustainable infrastructure
On the sidelines of the 58th General Assembly of the African Development Bank (AfDB) Group, which has just ended in Sharm el-Sheikh, Egypt, the West African Development Bank (BOAD) has signed a partnership agreement with the Africa50 investment platform. The aim is to mobilise funding for sustainable infrastructure in West Africa.
A new partnership is being set up to finance climate-resilient infrastructure in West Africa. It is being set up by the West African Development Bank (BOAD) and Africa50, an investment platform created by African governments and the African Development Bank (AfDB) to bridge the infrastructure financing gap in Africa. The partnership agreement was signed on the sidelines of the 58th General Assembly of the AfDB Group, which recently concluded in Egypt.
Through this partnership, the two institutions intend to mobilise financing from institutional investors to support the development of green infrastructure. BOAD and Africa50 will develop bankable projects, “including climate-resilient infrastructure, to support sustainable growth and the transition of African countries to carbon neutrality”, says Africa50.
According to the Casablanca, Morocco-based investment platform, the collaboration aims to help bridge the infrastructure financing gap in Africa, “by providing timely and efficient financing to meet the continent’s growing development needs”, says Africa50. In recent years, Africa50 has established itself as a key player in infrastructure development, particularly in the energy sector. For example, the financial institution headed by Alain Ebobissé took part in the development of the Benban solar complex (1,650 MWp) in the governorate of Aswan in Egypt. This was alongside Norwegian independent power producer (IPP) Scatec.
The platform is also one of the shareholders of Nachtigal Hydro Power Company (NHPC), the company developing the Nachtigal hydroelectric project (420 MW) in the Centre region of Cameroon. For its part, the BOAD is stepping up its investments in West Africa in water, sanitation and irrigated agriculture infrastructure, in line with the sub-region’s priorities. A few months ago, the development bank headed by Serge Ekué launched the Programme to Promote Private Investment in the Solar Energy Sector (PPIPS). The aim is to accelerate electrification via solar energy within the West African Economic and Monetary Union (WAEMU).