By 
Africa50, an investment platform established by African governments and the African Development Bank (AfDB), has successfully invested more than $6.6 billion in critical infrastructure projects within just six years of operation. The announcement was made by Dr. Akinwumi Adesina, the President of the AfDB, during the Africa50 Infra Forum and General Shareholders Meeting in Lomé, which was attended by Togolese President Faure Gnassingbé.
Africa50 aims to mobilize financing for large-scale infrastructure projects across the African continent, with a focus on projects that have significant development impact. Dr. Adesina serves as the Chairman of Africa50’s board of directors.
During the shareholders meeting, prominent African and global institutional investors signed subscription agreements and letters of intent to commit funds to the African Infrastructure Acceleration Fund, a private vehicle infrastructure platform launched by Africa50 with a target size of $500 million. The fund aims to attract further investment flows for critical infrastructure development in Africa.
President Gnassingbé emphasized the importance of infrastructure for Africa’s development, stating that roads, bridges, airports, hospitals, schools, power, communication networks, and water supply are essential for progress. He highlighted the need for private sector involvement in infrastructure investment and stressed the importance of creating a stable and consistent regulatory environment to attract private capital.
Dr. Adesina praised Africa50 for its strategic role in closing Africa’s infrastructure financing gap across various sectors, including energy, transport and logistics, and digital infrastructure. He stated that Africa50 is instrumental in developing projects and making them bankable, contributing to closing the annual infrastructure financing gap of $68 to $108 billion for Africa.
Alain Ebobissé, the CEO of Africa50, expressed the institution’s commitment to addressing Africa’s infrastructure needs and highlighted the successful development of the first program of asset recycling in Africa with support from the AfDB. He also announced that Togo, Gambia, and Zimbabwe are the first countries to join this program, bringing significant assets into the initiative.
Dr. Adesina further discussed the reallocation of International Monetary Fund Special Drawing Rights (SDRs) through the AfDB, which will provide additional funding to support regional development banks in Africa, including Africa50. These resources will unlock further financing for climate change mitigation and adaptation, agricultural infrastructure, transportation, digitalization, airports, water and sanitation, education, and health.
The African Development Bank has invested heavily in Togo, supporting inclusive growth and reducing the importation of key food commodities. The bank has invested over $32 million in the agricultural sector of the country.
Dr. Adesina emphasized the transformative potential of the African Infrastructure Acceleration Fund, stating that it positions Africa50 to tap into the vast global assets under management, which exceed $98 trillion. The AfDB is investing $20 million in equity in the fund.
In conclusion, Dr. Adesina called for the development of green infrastructure across Africa, highlighting the opportunity to build new infrastructure and transform existing infrastructure with a focus on sustainability. He expressed the vision of making Africa the center of green infrastructure in the world, with Africa50 and the AfDB playing a leading role in achieving this goal.
Africa50 currently has 31 African countries as shareholders and three African institutional investors, showcasing broad support from across the continent.
Click here to read Dr. Adesina’s speech.
Watch a replay of the speech here.
Click here for photos.
Comments