AfDB Group’s Africa50 Fund partner of the BUILD Africa Forum on infrastructure in Africa
Posted by African Press International on December 1, 2013
Infrastructure in Africa: AfDB Group’s Africa50 Fund partner of the BUILD Africa Forum on infrastructure in Africa
The forum will take place on February 5-7, 2014, in Brazzaville, Congo
BRAZZAVILLE, Republic of the Congo, December 2, 2013/African Press Organization (APO)/ – The BUILD Africa forum (http://www.buildafricaforum.com) is pleased to announce a strategic partnership with the African Development Bank Group’s Africa50 infrastructure fund.
Held under the High Patronage of Denis Sassou N’Guesso, President of the Republic of the Congo, the BUILD Africa Forum will address Africa’s infrastructure challenges by bringing leading public and private sector stakeholders to the table. The forum will take place on February 5-7, 2014, in Brazzaville, Congo.
Working together, the BUILD Africa forum and Africa50, the AfDB’s single-A infrastructure delivery vehicle, will showcase innovative projects in Africa and develop a structural framework for these and other future projects.
African growth today is hindered by a substantive lack of resource leverage and project coordination. The aim of this partnership is to promote understanding of the various ways in which stakeholders can accelerate the speed and quality of project delivery and increase the number of infrastructure projects that reach bankability in Africa. The BUILD Africa forum together with Africa50 is making today’s financial innovation and regional integration platforms the norm for tomorrow.
Fast facts on Africa’s infrastructure needs (Source: BAD, 2009)
Africa must invest $50 billion annually in infrastructure:
• 40% of the population lacks access to potable water.
• 60% lacks access to proper sanitation.
• Transportation costs in Africa are among the highest in the world.
• A mere 30% of the Africans have regular access to electricity.
• Africa has the lowest rate of penetration globally, of telephone access at 14% (worldwide average 52%).
Quotes on the Africa50 & BUILD Africa forum partnership
Tas Anvaripour, Director of AfDB Africa50: “African infrastructure projects are increasingly capturing the attention of investors worldwide. However, the number of bankable infrastructure projects brought to market is still insufficient, even though they offer an excellent way to diversify investment portfolios and steady, long-term, and above average returns.”
Jean-Jacques Bouya, Minister to the President of the Republic for Spatial Planning and Delegate General for Major Public Works, Republic of the Congo: “The partnership between Africa50 and BUILD Africa illustrates the aim of the forum to boost smart and innovative investment mechanisms, in order to develop infrastructure and to activate a sustainable social and economic development across the African continent.”
About BUILD Africa
Held in Brazzaville, Republic of the Congo from the 5th to the 7th of February 2014, under the High Patronage of His Excellency President Denis Sassou N’Guesso, the BUILD Africa Forum (http://www.buildafricaforum.com) will gather more than 500 business & political leaders, who will endeavour to find innovative solutions to Africa’s numerous infrastructure challenges and ambitions.
About Africa50 Fund
Africa50 is a new and innovative vehicle which is re-imagining infrastructure financing and aims to unlock global private capital to close the Africa infrastructure gap. Africa50 will bring to the market much needed financing tools and services, mainly offered through its two sub-vehicles: Project Finance and Project Development. It will be groundbreaking in its design and structure, leveraging infrastructure-financing resources from a diverse set of sources. Africa50 is in the process of raising $10 billion USD to finance infrastructure projects across the continent.
Richard Attias & Associates