Africa50, the pan-African infrastructure investment platform, announced today that it has welcomed the United Republic of Tanzania as its 34th shareholder.
Dr. Mwigulu L. Nchemba, the Minister of Finance and Planning of Tanzania, signed the Share Subscription Agreement on behalf of the Government, committing Tanzania to take the necessary steps for ratification of the agreement, as required under the Articles of Association of Africa50.
Dr. Mwigulu L. Nchemba commented, “Tanzania is keen on developing its infrastructure to support the economic development of the country and we are pleased to join Africa50 as a shareholder to leverage their expertise to deliver the government’s priority infrastructure projects. Africa50 is already executing transformational projects across the continent, and we are looking forward to working closely on some strategic projects in our country”.
With this signing, Tanzania has become the fourth East-African country to join Africa50 as a shareholder, after Kenya, Rwanda and Djibouti and the 31st African country after Botswana in December 2022.
“There is an urgent need for African countries to increase investments in sustainable infrastructure to support economic development. Africa50 has proven to be a trusted partner, bringing key infrastructure projects from concept to bankability and from construction to operational delivery, and we are happy to have Tanzania as a shareholder and we look forward to supporting the country’s infrastructure development programme with our project development and finance expertise”, said Alain Ebobissé, CEO, Africa50.
Following Tanzania’s addition, Africa50 now has 34 shareholders, comprised of 31 African countries, the African Development Bank, the Central Bank of West African States (BCEAO), and Bank Al-Maghrib.
Africa50 has made 16 investments, with an aggregate value of over 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. In addition to its investments in energy, Africa50’s diverse portfolio of investments includes sectors such as transport and logistics, ICT, midstream gas, education, healthcare as well as fintech.
