Africa50 is an infrastructure investment platform that was founded by the African Development Bank (AfDB) and African states. [1] [2] [3]
It was conceived after a 2012 declaration by African heads of state as part of the Program for Infrastructure Development in Africa (PIDA) that called for innovative solutions to facilitate infrastructure delivery. [4] Africa50 was ratified by African Finance Ministers in May 2013, and its headquarters were launched in Casablanca, Morocco in September 2014. [5] Its Constitutive General Assembly of founding shareholders took place in July 2015 in Casablanca, with around $700 million in initial capital subscriptions from 20 African states and the AfDB. 90% of the financial pledges were earmarked for project financing and the remainder for project development. [6]
At the first Shareholders Meeting in July 2016 two more African states and two central banks joined Africa50, and at the second Shareholders Meeting in September 2017 two more states joined, bringing the total to 25, and committed capital to over $800 million. [7] The member countries are: Benin, Burkina Faso, Cameroon, Democratic Republic of Congo, Djibouti, Egypt, Gabon, Gambia, Ghana, Guinea, Ivory Coast, Kenya, Madagascar, Malawi, Mali, Mauritania, Morocco, Niger, Nigeria, Republic of Congo,Senegal, Sierra Leone, Sudan, Togo and Tunisia. [8] [9]
Africa50 uses equity investments to catalyze public sector and private sector capital into viable projects. Its primary sectors are energy and transport, but other sectors such as water, sanitation and IT are also considered. Projects should have a development impact in the host country while also offering a financial return. It has separate Project Development and Project Finance divisions and can thus work on the entire project cycle. [10]
Africa50's first investment was in December 2016, with Scatec Solar and Norfund, for development of a 100 MWDC solar power plant in Jigawa state, Nigeria. The total project cost will be about $150 million, with operations to start in 2018. [11] Its second investment was with the same partners in six solar plants totaling 400 MWDC in Benban, Egypt. Total project cost will be about $450 million. Financial close was reached on October 27, 2017. Operations should start in early 2019. [12] The third project, signed in September 2017, is with the state electricity company of Senegal - Senelec - for a 120 MW power plant that will run on fuel oil but can be converted to natural gas once Senegal's reserves become available. Africa50 will assist Senelec to select the developer and mobilise financing. [13]
Alain Ebobissé is CEO of Africa50 and Carole Wamuyu Wainaina is COO. The Chairman of the Board of Directors is Akinwumi Adesina, President of the African Development Bank.
The Islamic Development Bank is a multilateral development finance institution that is focused on Islamic finance for infrastructure development and located in Jeddah, Saudi Arabia. There are 57 shareholding member states with the largest single shareholder being Saudi Arabia.
The African Development Bank Group (AfDB) or Banque Africaine de Développement (BAD) is a multilateral development finance institution headquartered in Abidjan, Ivory Coast, since September 2014. The AfDB is a financial provider to African governments and private companies investing in the regional member countries (RMC).
An international financial institution (IFI) is a financial institution that has been established by more than one country, and hence is subject to international law. Its owners or shareholders are generally national governments, although other international institutions and other organizations occasionally figure as shareholders. The most prominent IFIs are creations of multiple nations, although some bilateral financial institutions exist and are technically IFIs. The best known IFIs were established after World War II to assist in the reconstruction of Europe and provide mechanisms for international cooperation in managing the global financial system.
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As of 2019, renewable energy in Morocco covered 35% of the country’s electricity needs.
Solar power in South Africa includes photovoltaics (PV) as well as concentrated solar power (CSP). As of 2023, South Africa had over 2700 MW of installed PV solar power capacity in its grid, in addition to 500 MW of CSP. Installed capacity is expected to reach 8,400 MW by 2030.
Solar power in Morocco is enabled by the country having one of the highest rates of solar insolation among other countries— about 3,000 hours per year of sunshine but up to 3,600 hours in the desert. Morocco has launched one of the world’s largest solar energy projects costing an estimated $9 billion. The aim of the project was to create 2,000 megawatts of solar generation capacity by 2020. The Moroccan Agency for Solar Energy (MASEN), a public-private venture, was established to lead the project. The first plant, Ouarzazate Solar Power Station, was commissioned in 2016.
Made In Africa Foundation is an organisation established in 2011 to assist development of the African continent by providing first-stage funding for feasibility studies and business development of large-scale infrastructure projects based in the region.
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ACWA Power is a developer, investor, co-owner and operator of a portfolio of power generation and desalinated water production plants with a presence in 12 countries across the Middle East, Africa, Central and South-East Asia. ACWA Power's portfolio of projects in operation and development has an investment value of USD 82.8 billion, and a capacity of 53.7 GW of power and 7.6 million m3/day of desalinated water.
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Africa Finance Corporation (AFC) is a pan-African Multilateral Development Financial Institution established in 2007 by sovereign African states to provide pragmatic solutions to Africa's infrastructure deficit and challenging operating environment. The Corporation bridges the infrastructure investment gap through the provision of debt and equity finance, project development, technical and financial advisory services.
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