Africa50 has been praised for its critical role in addressing the continent’s infrastructure challenges.
President of the African Development Bank, Akinwunmi Adesina said Africa50 has mobilized over $1.1 billion in capital commitments and catalyzed an additional $4.4 billion in external financing in just seven years.
“Africa50, the investment platform established by African governments and the African Development Bank, is exceeding expectations and closing critical infrastructure funding gaps through innovative financing mechanisms and strategic partnerships,” he said.
Speaking at Africa50’s 2024 annual General Shareholders Meeting held in Antananarivo, the President of Madagascar, Andry Rajoelina, and his Tanzanian counterpart, Samia Suluhu Hassan, acknowledged the institution’s pivotal role in addressing the continent’s infrastructure and economic challenges, creating a foundation for sustainable development and prosperity.
President Rajoelina highlighted how Africa50 is driving transformational change by mobilizing financing for large-scale infrastructure projects in his country and across the continent.
He said Madagascar, with its abundant natural and renewable resources, has become a model for energy transition, and added that the country needs the support of international partners such as Africa50.
“To realise our vision, we need the support of international partners, and this is where the role of Africa50 members is crucial. We need to work together to secure funding for ambitious projects and enable Madagascar to make the transition to green, sustainable energy. This is a challenge for the whole of Africa,” the president said.
He remarked that the continent has a unique opportunity to reaffirm itself as a global leader in the climate change challenge by supporting innovative and sustainable projects.
“Africa is not the problem, Africa is a solution,” he said.
President Samia Suluhu Hassan, in a speech read by the Minister of Finance and Planning, Mwigulu Lameck Nchemba Madelu, described clean cooking as an international agenda and a business that must be treated as such.
According to the International Energy Agency, nearly one billion people in Africa cook with polluting fuels, which has a direct impact on health and leads to half a million premature deaths every year. Yet, the cost of solving the clean energy problem is relatively low.
The Tanzanian leader encouraged the use of clean cooking microfinance by providing low-interest loans to households to purchase clean cook stoves, allowing for a more manageable transition to clean cooking solutions… “It is crucial to make clean cooking affordable, especially in low-income areas. Governments can introduce effective incentives for producers and consumers to reduce the cost of cooking materials,” the Tanzanian president said.
The meeting brought together global leaders, policymakers, investors, and infrastructure experts to strategize and collaborate on the actions needed to mobilize investment in a sustainable future for Africa.
“The fact that Africa50 is exceeding expectations and bridging the funding gap by tackling today’s challenges through innovative financing mechanisms and strategic partnerships is good news for Africa and the world,” President and Chairman of the Boards of Directors of the African Development Bank Group, Adesina said in a keynote speech at the event.
Adesina, who is also Chairman of the Africa50 Board of Directors, told the meeting that Africa50 has mobilized over $1.1 billion in capital commitments and catalyzed an additional $4.4 billion in external financing in just seven years of operation.
“Its portfolio includes 25 transformative projects in 28 countries, with a total value exceeding $8 billion across energy, transport, digital infrastructure, education, and healthcare sectors.”
In December 2023, the Africa50 Infrastructure Acceleration Fund secured $222.5 million at first close from predominantly African investors, a first for the continent.
