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Africa50 and Banque Ouest-Africaine de Développement (BOAD) join forces to develop and co-finance green infrastructure in Africa

Sharm El-Sheikh, May 25, 2023 – Africa50 CEO Alain Ebobissé and Serge Ekué, President of Banque Ouest-Africaine de Développement (BOAD), today announced a partnership aimed at mobilizing institutional investor capital for African infrastructure, and identifying projects for co-financing.

As part of this partnership, the two entities have renewed their commitment to collaborate on the financing and development of bankable projects, including climate-resilient infrastructure, to support sustainable growth and energy transition in African countries.

The announcement was made on the sidelines of the African Development Bank Group’s Annual Meetings in Egypt, on the theme of ‘Mobilizing private sector financing for climate and green growth in Africa’.

The aim of this collaboration is to help bridge the significant infrastructure financing gap in Africa, by providing rapid and effective investment to meet the continent’s growing development needs.

Commenting on the announcement, Alain Ebobissé, Managing Director of Africa50, said: “We are delighted to be joining forces with BOAD to deliver transformative projects in Africa. This kind of African-led collaboration is essential to accelerate the continent’s inclusive growth, foster regional integration and develop climate-resilient infrastructure. We are delighted to bring our extensive expertise in project development and financing to catalyze more capital from the private sector and institutional investors in Africa and around the world. Together, we will increase and accelerate the realization of projects that will create new opportunities for the people of Africa”.

Africa50 and BOAD will identify a pipeline of projects that both entities could finance, and plan to collaborate in the implementation of the Alliance for Green Infrastructure in Africa (AGIA), which was launched at COP27 by the African Union Commission, the African Development Bank (AfDB) and Africa50.

Serge Ekué, President of the West African Development Bank, BOAD, emphasized: “Access to energy resources is one of the major challenges facing the UEMOA zone as it moves towards inclusive and sustainable development. Nearly 50% of the population in our zone has no access to electricity. The BOAD-Africa50 strategic partnership offers a solution, paving the way for the financing of innovative projects, transforming Africa, and promoting the emergence of a green economy on our continent.”

About Africa50:

Africa50 is an investment platform created by African Heads of State and the African Development Bank (AfDB), whose mandate is to develop and invest in high-impact infrastructure projects in terms of development, through the mobilization of public and private funds, while offering attractive returns to investors. To date, Africa50 has 34 shareholders, including 31 African countries, the African Development Bank, the Bank of West African States (BCEAO) and Bank Al-Maghrib. For further information : www.africa50.com