The Republic of Cabo Verde has joined Africa50, the pan-African infrastructure investment platform, as a new Shareholder nation.
Currently, there are 32 shareholders of Africa50, including the Central Bank of West African States (BCEAO), Bank Al-Maghrib, and 29 African nations.
Dr Akinwumi Adesina, Chairman of the Africa50 Board of Directors, said, “Cabo Verde’s shareholding represents significant support to our organization in our mandate to bridge Africa’s infrastructure development and financing gap. The catalytic role of infrastructure as a driver of socio-economic development has never been stronger and partnerships with our Shareholders, including Cabo Verde, are critical to improving the quality of life of our people and ensuring a resilient and sustainable economic recovery”.
Within 5 years of operations, Africa50 has made 15 investments, with an aggregate value of US$5 billion. In the energy sector alone, over 17 million people are accessing reliable and cleaner electricity as a result of projects financed by Africa50, and an additional 10 million will have access once key projects in Cameroon and Senegal come on stream. In addition to its investments in energy, Africa50’s diverse portfolio of investments includes exposure to sectors such as transport, logistics, and ICT.
CEO, Alain Ebobissé remarked, “Cabo Verde’s shareholding further demonstrates the critical role of Africa50 to African countries and infrastructure in Africa in general. More importantly, it provides us with additional capital to fulfil our mandate. The infrastructure needs of the continent are significant and we need to scale up and speed up projects to accelerate Africa’s recovery from the effects of the pandemic. Additionally, we need to help mitigate against the devastating impact of climate change, and help Africa weather the recent global, food and energy crisis.
With the United Republic of Tanzania looking to accelerate the implementation of its priority infrastructure program, it has advanced its discussions with Africa50, one of Africa’s leading infrastructure investors to become its 33rd shareholder”.
Africa50’s General Shareholders Meeting brought together Ministers of Finance and other senior government officials representing Africa50’s Shareholder countries, heads of institutions, the diplomatic corps, and distinguished business leaders from Morocco, Africa, and globally. Ms. Nadia Fettah Alaoui, Minister of Economy and Finance of the Kingdom of Morocco co-chaired the event with Dr. Akinwumi Adesina, Chairman of the Africa50 Board of Directors and President of the African Development Bank
