The Second Annual General Meeting of Shareholders of Africa50 Project Financing and Africa50 Project Development of September 12, 2017 in Dakar

Placed under the high patronage of the President of the Republic of Senegal, Macky Sall, the meeting mobilized representatives of African States shareholders of Africa50, senior Senegalese officials, members of the diplomatic corps as well as financial partners.

In his opening remarks, President Sall expressed strong support for Africa50, whose mission according to him is to “catalyse private sector investment, both inside and outside Africa, for the benefit of infrastructure development in the continent in order to fill the gap in public resources”.

The Senegalese Head of State stressed the need for African governments to improve the business climate by creating an environment conducive for private investment in the infrastructure sector, including the regulatory environment for development of public-private partnerships.

“Africa is open to business” he said, noting that the continent has set its priorities through initiatives such as PIDA.

The CEO of Africa50, Alain Ebobissé, ensured the effective implementation of the development and investment mandate of the fund in infrastructure projects with the support of shareholders and in an approach that combines project selection with strong development impact and attractive business management approach for private investors. He added that “with your support, Africa50 will be a bridge between the African States that created it and the public companies operating in the field of infrastructure on the one hand, and on the other hand the private actors on financing infrastructure, promoters projects and other financial institutions capable of deploying long-term resources and institutional investors, with the primary objective of accelerating the implementation of infrastructure projects in Africa”; he continued.

Ebobissé also focused on key factors of success for Africa 50: the support of the shareholders and the ADB, the quality of the management team and finally "the quality of the projects, with high development impact, presenting an undeniable trade character, likely to attract private investment”.

The third general meeting of Africa50 ended with the signing of an agreement between the directors general of Africa50 and the National Electricity Company of Senegal (SENELEC), Mouhamadou Makhtar Cissé for a strengthening of the solar plant project located in the Thiès region in Senegal.

The Africa50 Fund has already brought together more than $ 800 million, made available by 23 African shareholder countries, the Central Bank of West African States (BCEAO), Al-Maghrib Bank (BAM), and BAD

For Akinwumi A. Adesina, President of the African Development Bank Group

Africa's economic prospects are improving. While results were erratic in 2016, with GDP growth slowing to 2.2%, the future is bright for 2017 and 2018: Africa will benefit from higher commodity prices - notably mining and oil - and strong demand for consumer products which accounts for 60% of the real GDP growth rate.

He added that President Sall's tireless advocacy for mobilizing infrastructure investment, recently echoed by Guinea's President Alpha Condé at the G20 summit in Hamburg, has strengthened the G20's commitment to financing infrastructure in Africa and continues to motivate new partners.

As underscored by the United Nations 2030 Agenda for Sustainable Development and our own Top 5 Development Priorities, the first of which is "To provide Africa with electricity and energy", the catalytic role of infrastructure as a driver of economic growth and development has never been so obvious as today. This priority is also that of African decision-makers, who are conscious of the fact that infrastructure deficit is an obstacle to regional integration and hinders Africa's ability to compete internationally.

Unfortunately only 60 percent of the roughly $ 130 billion needed to finance infrastructure in Africa was actually funded in 2015. Similarly, project development is also underfunded.

However, African governments cannot meet these needs alone. By 2025, on the basis of an estimated annual financing gap of between $ 30 and $ 40 billion, a successful financing of infrastructure in Africa will require a balance between financing for development, which can provide resources and minimize risks in the early stages, and long-term institutional investment, which can quickly reduce the funding gap.

That is why the AfDB created Africa50, an investment fund that complements our own infrastructure financing and that of other Development Financial Institutions and Investment Funds. However, Africa50 was primarily designed to invest in well-designed projects and accelerate infrastructure provision, supporting early stage project development, and creating a pool of bankable projects to leverage funding.

Today, I am proud to see that Africa50 has managed to establish itself as a credible investment entity in the infrastructure sector. It has already committed more than $ 800 million, made available by 23 African shareholder countries, the Central Bank of West African States (BCEAO), Al-Maghrib Bank (BAM), and the AfDB. Today, we welcome two new shareholder countries, Guinea and the Democratic Republic of Congo.

Since his appointment as Director General a year ago, Alain Ebobissé has shown his leadership by laying the foundations for a solid investment fund. He oversaw the installation of Africa50 operations in Casablanca, with the support of the Kingdom of Morocco, and hired several reputable experts in the management team, skilfully preparing the fund to step up its investment activities.

Africa50 is a partner of choice, with all the enthusiasm and vigour needed for Africa's economic transformation. Africa50 deserves to succeed and therefore benefits from the support of the African Development Bank, of its member States shareholders.