Africa50, the investment platform created by African governments and the African Development Bank (AfDB), has mobilized over $1.1 billion in capital and catalyzed an additional $4.4 billion in external financing in just seven years. These funds are transforming key infrastructures in sectors such as energy, transport, and health, closing the development gaps that limit economic growth across the continent.
During the 2024 Annual General Shareholders’ Meeting in Antananarivo, Madagascar’s President, Andry Rajoelina, emphasized the impact of these funds on his country’s infrastructure. “Thanks to projects like Sahofika, we are reducing our dependence on thermal energy by over 30%. This not only lowers energy generation costs but also drives our transition to a more sustainable energy mix”, Rajoelina noted. “Africa has the opportunity to lead the fight against climate change, and Africa50 is key to making this possible”.
Tanzania’s President, Samia Suluhu Hassan, through her Finance Minister, Mwigulu Nchemba, highlighted the urgency of developing clean energy infrastructure, particularly the implementation of clean cooking technologies. “It is crucial to make clean cooking affordable, especially in low-income areas. Africa50 can play an important role in financing these technologies that improve the health and well-being of millions of Africans”, she commented.
African Development Bank President, Akinwunmi Adesina, praised the impact of Africa50 in financing transformative infrastructure projects in 28 countries. “Africa50 is closing the financing gap through innovative solutions and strategic partnerships. Its portfolio of 25 projects, valued at more than $8 billion, is a testament to the transformative impact in key sectors such as energy, transport, and health”, Adesina stated.
Alain Ebobissé, CEO of Africa50, emphasized the significance of the Infrastructure Acceleration Fund, which raised $222.5 million in its first close. “This fund marks a milestone in mobilizing African capital to finance strategic projects. Our goal is to continue mobilizing resources that boost connectivity and drive economic growth across Africa”, Ebobissé noted.